The President/Chairman of Council of the Chartered Institute of Bankers of Nigeria, Ken Opara, has referred to as on the Nigeria Deposit Insurance coverage Company to enhance on its monitoring mechanisms of insured monetary establishments.
Opara stated this whereas delivering a goodwill message at a latest retreat, which was a joint initiative of the Senate Committee on Banking, Insurance coverage and Different Monetary Establishments and the Company.
A press release from the CIBN stated, “He advocated for NDIC to proceed to have interaction strong mechanisms to observe the monetary well being and stability of insured monetary establishments. Common examinations, stress testing, danger assessments and preventive steps might help determine potential vulnerabilities and stop banks from taking place.
“Reassuring the distinguished senators and the administration of NDIC of the resolve of the Institute to proceed to work carefully with all stakeholders within the business not solely to make sure the continued success of the deposit insurance coverage scheme in Nigeria but additionally to proceed to ensure the protection and stability of the Nigerian banking sector.”
The CIBN boss additionally famous that to spice up the arrogance of financial institution prospects, the board of NDIC had been empowered to fluctuate upward the utmost quantity, which a depositor might obtain from the company within the occasion of a failed insured establishment, according to prevailing financial realities.
In line with Opara, the introduction of public coverage goals is according to the Worldwide Affiliation of Deposit Insurers’ core rules.
He added that the Nigeria Deposit Insurance coverage Company had continued to uphold an unwavering dedication to the best moral requirements and compliance with anti-corruption legal guidelines and rules, because it secured the highest place within the Unbiased Corrupt Practices and Different Associated Offences Fee 2023 Ethics and Integrity Compliance Scorecard.
As a part of efforts to bridge the data hole, construct capability and create extra consciousness about deposit insurance coverage schemes, the NDIC and CIBN have cast a collaboration to collectively develop and run a Deposit Insurance coverage Scheme Certification Programme.
The CIBN boss used the chance to announce the certification programme, which is focused at business practitioners, the Academia (lecturers and college students) in addition to most people.