All Posts in "NDIC"

Nigerian Banks Safe, Sound -NDIC

The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mallam Bello Hassan said banks in the country are safe for business.

He advised Nigerians not to worry about the soundness of banks,just as he assured that Polaris Bank is healthy and safe for them to transact business with.

He spoke on the sideline of the 11th annual capacity-building workshop for law enforcement agencies, bankers and other stakeholders in Lagos on Wednesday to discuss ‘Effective Investigation and Prosecution of Banking Malpractices that led to the Failure of Banks’.

He said: “Polaris Bank and all banks that are operating within the country are safe and sound as long as the license has not been revoked by the Central Bank of Nigerian (CBN). The regulator that issued the license if there is any problem is the one that will not revoke the license. As long as the license is not revoked, you are free to continue to bank with those institutions.

“The bank is safe because CBN and NDIC do carry out stress testing to ascertain the soundness of banks. We do stress, in fact, we do it on a regular basis. We do it on a monthly basis to test-tress the financial soundness of those banks.My position here is that Polaris Bank is safe and Nigerians should continue doing business with it. The bank is safe”.

 

 

admin by — August 10, 2022 in Business 0
 Nigeria’s Financial System Sound,Stable — NDIC

Nigeria’s financial system has remained stable and resilient in spite of the macroeconomic shock and stress occasioned by COVID-19,the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has said.

Hassan,who announced this at the opening of a 3-day retreat organised by the corporation for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos,attributed the development to his agency’s   proactive policies, supervision and support of the regulatory authorities.

He said:“The macroeconomic shock and stress brought about by COVID-19 are unprecedented. It has been recognised as the ultimate test of resilience so far to financial systems. As evidenced by the financial soundness indicators, Nigerian banks have remained resilient, by being safe, stable and sound in spite of the challenges posed by the COVID-19 pandemic. This success was due largely to the proactive policies and support of the regulatory authorities,” he said

Some of the measures taken by NDIC to strengthen the deposit insurance system in the country to include, the migration to the Differential Premium Assessment System (DPAS) from the flat-rate method of assessing and collecting premiums with a view to aligning the pricing of deposit insurance to the risk profile of individual banks and the collaboration with the Central Bank of Nigeria, CBN to shift from the compliance-based examination to Risk-Based Supervision (RBS) and the adherence to corporate governance principles in the banks among others.

According to him,NDIC is embarking on robust collaboration and cooperation with relevant stakeholders, other deposit insurance agencies and global bodies, particularly in the area of knowledge and information sharing to effectively address the technological, legal, regulatory, and supervisory challenges facing the deposit insurance system in a rapidly changing environment.

He tasked  the lawmakers on appropriate legislation as well as emphasized  that the maintenance of financial resilience requires preparation, in advance, through diligent planning, laws, robust policies and sound institutions to implement the laws and policies.

admin by — May 7, 2022 in Business 0
NDIC Launches Platform For Micro Finance Banks To Reimburse Depositors

The Nigeria Deposit Insurance Corporation (NDIC) has launched a Single Customer View (SCV) platform to be deployed to microfinance banks (MFBs) to stop delays in reimbursing depositors in the country.

The platform was necessary following the revocation of failed MFBs licences by the Central Bank of Nigeria (CBN),Bello Hassan, managing director/chief executive of the corporation.

Hassan,who announced this when the executive members of the National Association of Microfinance Banks (NAMB) visited the NDIC management in Abuja,explained that the corporation introduced the platform in order to strengthen its processes.

The platform would not only ensure rendition of quality, timely and complete data to NDIC by MFBs but also give complete position of depositors’ data at any given time which would go a long way in enhancing prompt reimbursement in case of bank failure,he said in a statement signed by the corporation’s director of communication and public affairs department, Bashir Nuhu

He said the corporation would expose the template for the platform to the association with a view to getting more inputs towards optimising the noble innovation.

He implored the association to promote the adoption of sound risk management practices by its members, stressing that it is key to the maintenance of safe and robust MFB sub-sector.

Speaking,Yusuf Gyallesu, president of NAMB, commended the corporation for its continued collaboration with the association and its members in strengthening microfinance bank operations in the country.

He noted NDIC’s contribution towards the acquisition of the National Association of Microfinance Banks Unified Information Technology (NAMBUIT) and continuous capacity building for operators among other support that the corporation had given to the association.

He explained the establishment of a monitoring and evaluation department by the association was aimed at promoting sound practices through self-regulation among MFB operators.

admin by — April 8, 2022 in Business 0
NDIC Boss  Advocates Increased Leadership Roles For Women 

The Board Chairman of the Nigeria Deposit Insurance Corporation (NDIC), Mrs Ronke Sokefun,has emphasized  the need  to encourage more women to occupy leadership positions in the country.
Sokefun made the call in her keynote address at the NDIC’s commemoration of the 2022 International Women’s Day in Abuja with the theme: “Changing Climates: Equality Today for a Sustainable Tomorrow”.
He said while more women are making an impact in every sphere of society, it is critical to develop strategies to sustain and increase the rise of women to leadership positions. She advocated for more encouragement by those already in positions as well as the need for capacity development and robust networking skills to strengthen their abilities to contribute their best based on merit and performance.
She expressed satisfaction with the  current 33.9 per cent women population in the Corporation’s manpower structure, stressing that the push was to achieve higher proportion in the nearest future.
She told NDIC female staff that they would be pulled up when they demonstrated a readiness for that next role and therefore they needed to keep evolving.
Speaking,the Managing Director of NDIC, Mr Bello Hassan, who was represented by the Executive Director, Corporate Services, Mrs Emily Osuji, described the corporation’s female staff as great asset to the corporation as they continue to demonstrate all the values of the corporation such as professionalism and passion towards achieving the corporation’s mandate.
Osuji said the corporation’s management is extremely proud of her womenfolk who are well represented at all levels of the organisation.
Managing Director of First City Monument Bank (FCMB), Mrs Yemisi Edun,in her lecture, commended the corporation for attaining a significant female representation within the NDIC workforce.
She implored women
to find the confidence to speak up and take advantage of the opportunities to make a better future for themselves and their families.
She also emphasized the need for women to stand up for their rights and help in breaking the bias.
Main Admin by — March 22, 2022 in Business 0