NDIC strengthens collaboration with CBN on stable financial system

By Etuka Sunday

The Nigeria Deposit Insurance Corporation (NDIC) has said it would strengthen its collaboration with the Central Bank of Nigeria (CBN) with the focus on safe, sound and stable financial system in the country.

A statement by the Head, Communication & Public Affairs, NDIC, H. S. BIRCHI said the Managing Director/Chief Executive of NDIC, Alhaji Umaru Ibrahim who led the Senior Management of the Corporation to pay a courtesy call on the new CBN Governor, Mr Godwin Emefiele also

congratulated him on his well-deserved appointment and expressed confidence in his ability to continue to transform the nation’s financial system.

Alhaji Ibrahim observed that over the years, the two institutions had played complimentary roles in the banking supervision, particularly in the aftermath of 2008 banking crisis and the emergence of the Bridge Banking which was a novel initiative in Africa.

The NDIC boss pointed out the need for both institutions to continue to work more closely to ensure the vibrancy of the nation’s banking sector. He recalled the various efforts and contributions of the Executive Committee on banking supervision and other CBN and NDIC joint committees on critical issues affecting the financial sector, saying that the nation’s economy had always been better off for the collaborative efforts.

Responding, the new CBN Governor expressed his appreciation for the visit and pointed out that the apex Bank had always enjoyed harmonious working relationship with the Corporation.

Mr Emefiele promised to continue with the collaborative and efforts of the two institutions, especially in the area of Joint Examination of Banks which he described as highly beneficial to the nation’s banking system and the economy as a whole. He expressed his support to the Members of the Financial Services Regulation Coordinating Committee (FSRCC) towards ensuring effective consolidated risk based supervision of the nation’s financial conglomerates.