Emerging Risks: Deposit Insurance Corporation, Bankers Strengthen Partnership

The managing manager and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Thompson Oludare Sunday, has called for deeper collaboration betwixt the Corporation and the Chartered Institute of Bankers of Nigeria (CIBN) to code emerging risks and challenges successful Nigeria’s banking industry.

Sunday made the telephone connected Thursday during a courtesy sojourn by the president and president of Council of the CIBN, Professor Pius Deji Olanrewaju, and members of his enforcement squad to the NDIC office successful Abuja.

The NDIC brag emphasised the request for stronger synergy betwixt some institutions, peculiarly successful captious areas specified arsenic integer banking, cybersecurity, fraud and forgery prevention, and dependable hazard absorption practices.

He noted that arsenic the banking scenery continues to germinate amid technological innovations and integer transformation, it has go imperative for regulators and operators to enactment unneurotic to mitigate caller risks and safeguard fiscal stability.

“The phenomena of these emerging issues are connected the rise, and regulators and operators indispensable travel unneurotic to proffer solutions that volition physique a stronger fiscal ecosystem susceptible of withstanding the vagaries of innovation portion delivering worth to the economy,” Sunday stated.

While commending the CIBN for its dependable maturation and interaction connected professionalism successful the banking sector, Sunday urged the Institute to intensify collaboration with regulatory bodies to make innovative nonaccomplishment solution strategies that would heighten the resilience of Nigeria’s fiscal system.

He reaffirmed NDIC’s committedness to supporting nonrecreational institutions similar the CIBN successful designing and implementing programmes that beforehand innovation without compromising dependable hazard absorption frameworks and fiscal strategy stability.

In his remarks, the CIBN president, Professor Pius Deji Olanrewaju, congratulated Sunday connected his assignment arsenic NDIC Managing Director, expressing assurance successful his quality to prolong and fortify nationalist spot successful the Corporation.

Professor Olanrewaju commended the NDIC for its “notable milestone achievements,” citing the caller upward reappraisal of deposit security coverage, the deployment of exertion to fast-track the reimbursement of depositors of the defunct Heritage Bank, and the commencement of liquidation dividend payments wrong a twelvemonth of the bank’s closure.

He said these accomplishments person greatly enhanced depositor and capitalist assurance successful the Nigerian fiscal system, reinforcing NDIC’s estimation arsenic a cardinal pillar of banking stability.

The CIBN President besides lauded the NDIC for its “invaluable contributions and progressive role” arsenic a subordinate of the Institute’s Governing Council, noting that the Corporation’s information has strengthened the Council’s oversight, argumentation direction, and ethical leadership.

Both institutions reaffirmed their communal committedness to continuous engagement and cognition sharing aimed astatine improving professionalism, regulatory effectiveness, and wide assurance successful Nigeria’s fiscal system.