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ADDRESS BY THE MANAGING DIRECTOR/CHIEF EXECUTIVE, NIGERIA DEPOSIT INSURANCE CORPORATION (NDIC), MR. BELLO HASSAN, FCA, OON, AT THE OPENING CEREMONY OF THE 2023 NDIC EDITORS FORUM HELD AT PROVIDENCE BY MANTIS HOTEL, LAGOS ON SATURDAY 16TH DECEMBER, 2023

Protocols

It is indeed a great pleasure to welcome you all to the 2023 edition of the Nigeria Deposit Insurance Corporation (NDIC) Editors Forum. Since its inception in 2011, the Annual NDIC Editors Forum has played a pivotal role in facilitating mutual understanding between the Corporation's Management and Senior Editors representing major media organisations in the country. The establishment of this Forum is driven by the imperative of sustaining engagement and fostering a deeper understanding of the Corporation’s mandate, policies, and programs among the high echelons of the nation’s media industry. The ultimate objective is to facilitate robust collaboration, enhance public awareness, and strengthen public confidence in the Deposit Insurance System in Nigeria, contributing to the overall stability of the nation’s financial system. 

Recognising the vital importance of regular engagement with the media, the Corporation recently conducted its 20th edition of the Workshop for Business Editors and Finance Journalists. This workshop was designed to enhance the capacity of correspondents and line editors, enabling them to provide accurate and informed reporting on NDIC activities and the broader financial industry. This Editors Forum, therefore, serves as a consolidation of our ongoing efforts to deepen our close and cordial relationship with the leadership of the media industry, ensuring that we continue to work as partners in progress for the successful implementation of the Deposit Insurance System in Nigeria, for the benefit of our people.

As you are aware, the Deposit Insurance System implemented by the NDIC is an important component of the nation’s financial safety net. The Corporation’s operations which focuses on minimising bank runs and bank failures through strict banking supervision, reimbursement of insured depositors in the event of bank failure, and orderly liquidation of failed banks, complements the efforts of the Central Bank of Nigeria to achieve a secure and stable banking system. It also supports the fiscal authority in maintaining stability within the broader financial system, serving as the foundation for economic growth and development. 

Distinguished ladies and gentlemen, permit me to note that, the NDIC at various times has had to confront the same challenges as other financial safety-net players affecting the nation’s financial system as a result of the impact of macroeconomic factors and the changing dimensions of the financial services industry which is constantly evolving. Though some of the challenges are universal, others are of course unique and domesticated. It is within this context that the NDIC aligns itself with the Central Bank of Nigeria’s efforts towards strengthening the banking industry through enhancing prudential thresholds and other regulatory instruments while deepening engagement and collaboration with all relevant stakeholders in the Nigerian financial system to effectively address challenges and implement solutions. It is this background that informed the choice of the theme of this year’s interaction: “Stocktaking of Deposit Insurance Practice: Assessing the Past, Evaluating the Present and Forecasting the Future”. As such, the key issues to be put in perspective in the course of this interaction include the adequacy of the deposit insurance coverage; faster reimbursement of depositors in the event of bank failure; and of course, the roles of the media in promoting the stability of the financial system amongst others. To this end, there's no gain saying the fact that your meaningful and constructive contributions are highly expected.

Indeed, our vast experience at the forefront of deposit insurance practice in Africa coupled with the Corporation’s resilience in the face of challenges and threats is based on the NDIC’s relentless efforts to achieve its vision: “To be one of the best deposit insurers in the world”. The roadmap, robustly outlined in our 2021 – 2025 Strategic Plan, takes into consideration the current realities and future trends, as well as sets out targets and objectives to ensure that the Corporation fulfills its mandate by providing excellent and efficient services to our stakeholders across board.  

Permit me, therefore, to outline some of the Corporation’s key achievements. We have introduced the Single Customer View (SCV) framework that has enhanced speedy payment of insured sums to depositors of closed banks; we have enhanced collaboration with the bar and bench, leading to speedy prosecution and more informed judgements on failed banks cases, including resolution of long-drawn cases of closed banks such as Fortune and Triumph Banks in-liquidation; we have equally put in place policy and framework for out-of-court settlement which had enabled us resolve some hitherto protracted failed bank litigations.

In complimenting the consumer protection efforts of the CBN, we have enhanced public awareness on deposit insurance and financial literacy to reduce the rate at which small depositors are being defrauded, thereby enhancing confidence in the banking system; we have invigorated our liquidation activities, and greatly increased debt recovery rate leading to the declaration of 100 per cent liquidation dividends to uninsured depositors of over 20 deposit money banks in-liquidation as well as payments to other stakeholders such as creditors, ex-staff and shareholders; and we have also improved our system, process and procedures to promote transparency and accountability in our operations, amongst other humble achievements.   

It is therefore a welcome development to us that the Corporation has been identified for various special recognitions and awards amongst the comity of Ministries, Departments and Agencies (MDAs) by credible bodies and institutions, some of which I’d like to highlight as follows:

Overall Best Public Institution among 404 MDAs in the Independent Corrupt Practices and Other Related Offences Commission (ICPC) 2023 and 2021 Ethics and Integrity Compliance Scorecard (EICS);

2022 Platinum Award of the Bureau of Public Service Reform (BPSR) after the deployment of its Self-Assessment Tool (SAT) for excellence in service delivery

Attainment of three International Organisation for Standardisation (ISO) Certifications of the MSECB, a leading international provider of Audit and Certification Services in 2023, namely: Information Security Management System ISO/IEC 27001:2013, IT Service Management System ISO/IEC 20000-1:2011, and Business Continuity Management System, ISO 22301; 

Election of the Managing Director/Chief Executive of the Corporation unopposed onto the Council of the International Association of Deposit Insurers (IADI) as Vice-Chairperson in September, 2023 in the international scene. 

Just last Saturday, the Corporation received two (2) Nigeria Technology Awards (NITA) of Excellence in Adopting Emerging Technologies and Best Use of Social Media in the Federal Regulatory Agency Category 

Esteemed participants, there is no doubt that these awards and recognitions serve as compelling evidence of the unwavering commitment of the Management and staff to bring about a paradigm shift in fulfilling the Corporation’s mandate. It is my sincere hope that the discussions during this forum will significantly strengthen our determination for a more robust implementation of the Deposit Insurance System in Nigeria. This endeavor aims to complement the efforts of the Central Bank in fortifying the soundness and stability envisaged in our financial system.

In conclusion, I extend my profound gratitude to each of you for graciously accepting our invitation to yet another edition of the NDIC Editors Forum. I look forward to fruitful deliberations and wish our participants from outside Lagos a safe return trip.

Thank you for your attention and God bless. 

Bello Hassan, FCA, FCIB, OON

Managing Director/Chief Executive

Nigeria Deposit Insurance Corporation

Saturday 16th December, 2023