NDIC Organizes 2-Days Workshop For FICAN Members On The Agency New Innovations
Nigeria Deposit Insurance Corporation (NDIC) on Thursday September 26, 2024 commenced a two day workshop for Finance Correspondents Association of Nigeria (FICAN), reports Sodiq Ojurongbe of The Nigerian Standard.
The event which was packaged by Communications and Public Affairs Department of NDIC (CPAD) under the supervision of Mrs Pamela Roberts (Deputy Director) NDIC, Enugu took place at Providence By Mantis Hotel , Ikeja GRA, Lagos to educate the financial correspondents on the new happenings and current innovation in the agency.
The theme for the workshop is “Strengthening Nigeria’s Financial Safety- NET: The Role of NDIC”.
On the first day of the workshop the agency looked into Effective Bank Closure: The NDIC EXPERIENCE AND CURRENT INNOVATIONS.
Enlightening the FICAN members, the speaker said, the fiduciary nature of banking business exposes banks to the risk of failure with attendant consequences capable of undermining public confidence in the banking system and adversely affecting the economy.
Deposit insurance forms part of the safety-net that works to ensure the stability of the nation’s financial system through depositor protection scheme and failure resolution mechanisms,
In fulfilling its mandate of protecting depositors and ensuring financial system stability. the Nigeria Deposit Insurance Corporation (NDIC) with the Central Bank of Nigeria (CBN) had resolved several bank failures through many resolution options.
It commenced the liquidation of failed deposit money banks (DMBs) in 1994 with the closure of four (4) banks. Over the years, several banks have been closed either singly or in multiples depending on the prevailing circumstance.
It is worthy to know that the Nigeria Deposit Insurance Corporation (NDIC) was established through the promulgation of Decree No. 22 of in 15th June 1988.
The agency was created to protect depositors, ensure monetary stability and effective/efficient payment system as well as to promote competition and innovation in the banking system.
The agency which also contribute to the stability of the financial system through effective supervision of insured institutions, provision of financial/technical assistance to eligible insured institutions, prompt payment of guaranteed sums and orderly resolution of failed insured financial institutions.
NDIC is an independent agency of the Federal Government of Nigeria with the main purpose of the deposit insurance system to protect depositors and guarantee the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, thereby helping to maintain financial system stability.
It Core Values & Beliefs are
To be effective in the discharge of its mandate, the Corporation is guided by the following core values and beliefs:
Teamwork: We work together to achieve common goals.
Respect & Fairness: We treat others like we would like to be treated.
Integrity: We are committed to doing what is right and just at all times.
Professionalism: We strive for excellence in all aspects of our work.
Passion: We put passion into everything we do; it helps us to achieve more.
