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NDIC re-strategises to address banking sector challenges

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The Nigeria Deposit Insurance Corporation has begun moves to re-strategise its operations to enable it to effectively address emerging challenges in the banking sector.

The Managing Director/Chief Executive, NDIC, Alhaji Umar Ibrahim, disclosed this on Wednesday in Abuja during a retreat organised for board members of the corporation.

He said the retreat with theme, “Recent developments in the financial system,’ was borne out of the need for the corporation to improve its strategic thinking and decision making process.

Ibrahim listed some of the challenging areas that needed strategic thinking to include sustainable banking, financial inclusion, new disclosures and reporting policies, enhancement of the payment system and development of the capital market.

He said, “Keeping track of recent developments in the country’s financial system and understanding the reasons for adopting certain policy measures at different points in time will assist tremendously in shaping our collective judgments and improve our strategic thinking and decision making for the betterment of the system.

“The recently accomplished banking sector reforms, to which the corporation contributed immensely, are aimed at building a safe and sound banking system, which supports economic growth and development.

“The banking sector in Nigeria is relatively stable and sound as attested to by the performance of most of our Deposit Money Banks.

“We, therefore, cannot afford to fail or slip back. We have to look forward, reflect and strategise by addressing emerging issues and challenges, which affect the performance of the banking system and their attendant consequences to depositor protection, supervision and regulation.”

Ibrahim stated that the retreat would help to build capacity of members of the corporation’s Board of Directors.

He expressed optimism that at the end of the workshop, the board would possess the needed knowledge to enable the corporation adequately perform its oversight function.

Also speaking at the event, the Chairman, NDIC Board, Dr. Hassan Adamu, said the corporation was committed to putting in place policies and measures that would enable it achieve its mandate.


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