NDIC Outlines Strategic Vision for Operations ..says Corporation's policies effective

The Nigeria Deposit Insurance Corporation, NDIC, has enunciated strategic vision to enhance its operation in the next five years.

The NDIC also said it has achieved tremendous gains, especially through out-if court settlement of cases, introduced Single Customer View(SCV), among other achievements.

Speaking at the opening ceremony of the 2023 NDIC Editors' Forum in Lagos at the weekend, the Managing Director of the NDCIC, Bello Hassan, said his organisation was poised to add continuous value to Nigerians.

According to him, "The roadmap, robustly outlined in our 2021 – 2025 Strategic Plan, takes into consideration the current realities and future trends, as well as sets out targets and objectives to ensure that the Corporation fulfills its mandate by providing excellent and efficient services to our stakeholders across board".

He said, "We have introduced the Single Customer View (SCV)framework that has enhanced speedy payment of insured sums to depositors of closed banks; we have 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; we have equally put in place policy and framework for out-of-court settlement which had enabled us resolve some hitherto protracted failed bank litigations."

He said, the Corporation, in complimenting the consumer protection efforts of the CBN, it has enhanced public awareness on deposit insurance and financial literacy to reduce the rate at which small depositors are being defrauded, thereby enhancing confidence in the banking system; adding that, "we have invigorated our 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; and we have also improved our system, process and procedures to promote transparency and accountability in our operations, amongst other humble achievements."

He said his organisation has won several awards for its modest achievements, including 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);

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.

He said his awards swelled last Saturday with two (2) Nigeria Technology Awards (NITA) of Excellence in Adopting Emerging Technologies and Best Use of Social Media in the Federal Regulatory Agency Category.

He described the motive for the Editors' Forum as critical to fostering greater understanding between his organisation and the media.

"The Forum has played a pivotal role in facilitating mutual understanding between the Corporation's Management and Senior Editors representing major media organisations in the country.

"The establishment of this Forum is driven by the imperative of sustaining engagement and fostering a deeper understanding of the Corporation’s mandate, policies, and programs among the high echelons of the nation’s media industry. The ultimate objective is to facilitate robust collaboration, enhance public awareness, and strengthen public confidence in the Deposit Insurance System in Nigeria, contributing to the overall stability of the nation’s financial system."

Hassan said, "Recognising the vital importance of regular engagement with the media, the Corporation recently conducted its 20th edition of the Workshop for Business Editors and Finance Journalists. This workshop was designed to enhance the capacity of correspondents and line editors, enabling them to provide accurate and informed reporting on NDIC activities and the broader financial industry.

"This Editors Forum, therefore, serves as a consolidation of our ongoing efforts to deepen our close and cordial relationship with the leadership of the media industry, ensuring that we continue to work as partners in progress for the successful implementation of the Deposit Insurance System in Nigeria, for the benefit of our people."