✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live
SPONSOR AD

How NDIC resolved distress in banking industry — MD

The Nigeria Deposit Insurance Corporation, NDIC has disclosed how it resolved distress in the banking system in Nigeria. The MD/CEO of  NDIC, Umaru Ibrahim highlighted…

The Nigeria Deposit Insurance Corporation, NDIC has disclosed how it resolved distress in the banking system in Nigeria.

The MD/CEO of  NDIC, Umaru Ibrahim highlighted the achievements on Monday during the corporation’s 30th anniversary lecture and book presentation in Abuja.

He stated that in the first decade, NDIC was able to resolve distress in the banking system by providing resolution options which included provision of financial assistance to deserving institutions, imposition of holding actions, change of management of affected banks, and assisted mergers.

He said, “The Corporation implemented the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act 1994, which established Failed Banks Tribunals to prosecute those who were responsible for the failure of the banks”

In the second decade of the corporation, he said that it adopted the Purchase and Assumption (P&A) system to resolve the problems of 13 banks whose licenses were revoked for failing to meet the N25 billion capital requirement.

“The Corporation introduced significant reforms during this period, such as Enterprise Risk Management, Differential Premium Assessment Systems (DPAS), built capacity of staff in Risk Based Supervision (RBS) and deployed a new performance management system. The Corporation also extended DIS coverage to Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs)”

“In the last decade, the Corporation has established three (3) Bridge Banks to take-over the assets and assume the liabilities of the three (3) failed banks, namely Afribank, Bank PHB and Spring Bank,” he said.

He said in order to build a highly skilled human resource to deliver the Corporation’s mandate, the NDIC Academy was established in 2013.

He boasted that the Corporation received International Standard Organization (ISO) certifications in Information Security, Business Continuity and Information Technology Management from the British Standards Institute (BSI) in 2018.

“The Corporation is the first government agency in Nigeria to be certified on all the three (3) Standards,” he said.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.

Do you need your monthly pay in US Dollars? Acquire premium domains for as low as $1500 and have it resold for as much as $17,000 (₦27 million).


Click here to see how Nigerians are making it.