By Miriam Humbe
The Nigeria Deposit Insurance Corporation, (NDIC), has improved its system, process and procedures to promote transparency and accountability in its operations.
Hassan Bello, the NDIC’s Managing Director/CEO said this on Saturday at the Annual NDIC Editors Forum which held in Lagos.
Bello outlined some of the Corporation’s key achievements to include:
The introduction of the Single Customer View (SCV) framework that had enhanced speedy payment of insured sums to depositors of closed banks; enhanced collaboration with the bar and bench, leading to speedy prosecution and more informed judgements on failed banks cases, including resolution of long-drawn cases of closed banks such as Fortune and Triumph Banks in-liquidation.
The NDIC had equally put in place policy and framework for out-of-Court settlement which enabled it resolve some hitherto protracted failed bank litigations.
In complimenting the consumer protection efforts of the CBN, the NDIC enhanced public awareness on deposit insurance and financial literacy to reduce the rate at which small depositors were being defrauded, thereby enhancing confidence in the banking system.
The NDIC boss said that the Corporation invigorated its liquidation activities, and greatly increased debt recovery rate leading to the declaration of 100 per cent liquidation dividends to uninsured depositors of over 20 deposit money banks in-liquidation as well as payments to other stakeholders such as creditors, ex-staff and shareholders.
He said that from 2011, the Editors Forum had played a pivotal role in facilitating mutual understanding between the Corporation’s Management and Senior Editors representing major media organisations in the country.
Bello said it was therefore a welcome development that the Corporation had been identified for various special recognitions and awards amongst the comity of Ministries, Departments and Agencies (MDAs) by credible bodies and institutions.
He said: “This endeavor aims to complement the efforts of the Central Bank in fortifying the soundness and stability envisaged in our financial system.”
Bello outlined some of the NDIC’s achievements to include:
i.Overall Best Public Institution among 404 MDAs in the Independent Corrupt Practices and Other Related Offences Commission (ICPC) 2023 and 2021 Ethics and Integrity Compliance Scorecard (EICS);
ii.2022 Platinum Award of the Bureau of Public Service Reform (BPSR) after the deployment of its Self-Assessment Tool (SAT) for excellence in service delivery
iii.Attainment of three International Organisation for Standardisation (ISO) Certifications of the MSECB, a leading international provider of Audit and Certification Services in 2023, namely: Information Security Management System ISO/IEC 27001:2013, IT Service Management System ISO/IEC 20000-1:2011, and Business Continuity Management System, ISO 22301;
iv.Election of the Managing Director/Chief Executive of the Corporation unopposed onto the Council of the International Association of Deposit Insurers (IADI) as Vice-Chairperson in September, 2023 in the international scene.
v. Just last Saturday, the Corporation received two (2) Nigeria Technology Awards (NITA) of Excellence in Adopting Emerging Technologies and Best Use of Social Media in the Federal Regulatory Agency Category
The NDIC boss said there was no doubt that these awards and recognitions served as compelling evidence of the unwavering commitment of the Management and staff to bring about a paradigm shift in fulfilling the Corporation’s mandate.
He sincerely hoped that the discussions during the forum would significantly strengthen their determination for a more robust implementation of the Deposit Insurance System in Nigeria.
