NDIC reiterates commitment to financial stability

Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Mr Bello Hassan, said the corporation would continue to monitor the banking sector to address the challenges it might be facing.

Hassan said this at a retreat for members of the Senate Committee on Banking, Insurance and other Financial Institutions with the NDIC, at Eko Hotel, on Saturday in Lagos.

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The News Agency of Nigeria (NAN) reports that the retreat had “Deposit Insurance In Nigeria-Re-Strategising for Tomorrow,” as the theme.

Hassan, represented by the Executive Director (Operations) NDIC, Mustapha Ibrahim, said effective risk-based management remained central to a safe and sound banking system.

“The NDIC and the Central Bank of Nigeria have a very robust supervisory framework under the risk-based supervisory format; the risk-based approach is actually proactive.

“For the most part, we try to anticipate all these risks – Macro, micro, domestically and globally – to address them continuously.

“We have tried to immunise the system to withstand shocks that may be impacting on the economy and the financial system,” Hassan said.

The Chairman, Senate Committee on Baking, Insurance and other Financial Institutions, Senator Uba Sani, said the retreat demonstrated the progress made in forging sustainable and workable relationships in the overall interest of the nation.

“The National Assembly and NDIC are key institutions critical to the growth and development of the Nigerian economy,” he said.

Sani, represented by Sen. Olubunmi Adetunbi, believed that the outcome would help in strengthening the financial and banking sectors, and in particular the supervisory and regulatory role of the corporation. (NAN)