Banks' Reporting Policies, New Disclosures Top NDIC Retreat

06 Jun 2013

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 MD, NDIC, Alhaji Umaru Ibrahim

James Emejo

Managing Director, Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, disclosed Wednesday it is currently strategising to address emerging issues including new disclosures and reporting policies and challenges of future performance of the banking system.

He said the corporation could not afford to fail or slip back to the era leading to the financial crisis, having been able to restore relative stability in the system.

Speaking in Abuja at the opening of its 2013 Board Retreat, he said issues bordering on sustainable banking, financial inclusion, new disclosures and reporting policies as well as enhancement of the payment system and development of the capital market needed to be keenly appraised because of their attendant consequence to depositor protection, supervision and regulation.

He said the recent banking sector reforms to which the corporation was instrumental was aimed at building a safe and sound banking system that supports economic growth and development.

According to the NDIC boss: "Keeping track of recent developments in the country's financial system and understanding the reasons for adopting certain policy measures at different point in time would assist tremendously in shaping our collective judgments and improve our strategic thinking and decision-making for the betterment of the system."
However, Chairman, NDIC Board of Directors, Dr. Hassan Adamu, said the deposit insurance regulator would continue to establish policies and measures needed to ensure that NDIC achieves its statutory mandate in line with the confidence reposed on it by President Goodluck Jonathan and the Nigerian public.

He added that the forum would provide the opportunity to rub minds and generate new ideas on how to among other things, move organisations forward. 

Tags: Business, Nigeria, Featured, NDIC Retreat

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