Tuesday, October 7, 2025
23.7 C
Lagos

CBN, NDIC Re-affirm Commitment to Financial System Stability

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso has congratulated the new Managing Director and the Executive Director Operations of the Nigeria Deposit Insurance Corporation (NDIC) on their appointments and expressed optimism about deepening collaboration between the two institutions.

This was disclosed during a courtesy call by the newly appointed Management of the NDIC, led by the Managing Director/Chief Executive, Mr. Thompson O. Sunday at the CBN Headquarters in Abuja.

“Our meeting today is a clear testament to our willingness to work together. The CBN counts on NDIC’s support in navigating the uncertain times that we are in”, the CBN Boss stated. He reiterated that the visit underscored the shared commitment of both institutions to strengthen collaboration towards safeguarding Nigeria’s financial system, amidst evolving economic challenges.

Governor Cardoso averred that his two years in office have revealed critical lessons in the financial industry, requiring that the CBN and the NDIC proactively deal with potential shocks by leveraging modern tools for financial stability. He described the NDIC’s visit as timely, urging both institutions to work closely in mitigating risks and ensuring depositor confidence.

Earlier in his address, the NDIC MD/CE, Mr. Thompson O. Sunday, commended the CBN for its reform programmes under the leadership of Mr. Cardoso, particularly the stabilisation of the forex market as well as the ongoing recapitalisation of Deposit Money Banks.

He stated that the NDIC was committed to aligning its operations with the NDIC Act 2023 (as amended), explaining that the Corporation was in the process of embarking on a strategic restructuring to better align operations with its risk minimization mandate as well as developing a new corporate strategy as the one in use was due to expire at the end of the current year.

Mr. Sunday reiterated the NDIC’s willingness to collaborate with the CBN towards enhancing financial system stability, expressing appreciation for the CBN’s support in premium collection from insured institutions. He also outlined the Corporation’s recent milestones, to include the payment of N54.62 billion to 691,418 depositors of the defunct Heritage Bank, and the declaration of a liquidation dividend of 9.2 kobo per Naira to uninsured depositors within a year of closure and the ongoing efforts to develop a target funding framework.

The NDIC Chief Executive also listed some challenges facing the Corporation to include the absence of a unique identifier such as the Bank Verification Number (BVN) for corporate customers and the difficulty in collecting premiums from insured institutions that do not maintain accounts with the CBN. He expressed the willingness of the Corporation to work with the CBN to address these gaps. The NDIC Managing Director also appealed to the CBN to consider developing a joint crisis preparedness framework with the Corporation towards enhancing crisis management. Mrs. Rita Sike, the CBN Director of Financial Policy and Regulation Department, in her response stated that the joint crisis preparedness framework could be dealt with under the auspices of the Financial Services Regulation Coordinating Committee (FSRCC), explaining that the CBN was in the process of enhancing the Credit Risk Management System (CRMS) to integrate the Global Standing Instruction (GSI), which will allow for the on-boarding of Other Financial Institutions (OFIs).

The NDIC team included the Executive Director, Operations, Dr Kabir KatataDirector, Human Resources, Mr. Yakubu Shehu; Director, Legal Department, Mr. Olufemi Kushimo; and Mrs. Regina Dimlong, Assistant Director, Communications & Public Affairs Department.

The CBN team also included Mrs. Rita Sike, Director of Financial Policy and Regulation Department, Mr. Nnadi Maduka of Corporate Communication Department and Mrs. Salamatu Jubril- Adeniji of Compliance Department.

 

spot_img
spot_img
spot_img

Hot this week

Ecobank Nigeria Launches Upgraded Mobile App for Faster, Smarter Banking Experience

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Ortom, NOA DG, Others to Feature as Panelists at GOCOP 2025 Conference

The Guild of Corporate Online Publishers (GOCOP) has announced...

AIICO Celebrates Retiring Employees: Honouring Decades of Service with Gratitude

Left - right: Adeleke Adeshina (rtd), Lanre Oladehinde (rtd.),...

Nigeria’s Banking Woes: How One South African Bank Outvalues an Entire Industry

It is a sobering reality that one South African...

Topics

WAICA Re Wins 2021 NAIPCO Excellence Award

L-R: Conference Chairman, and Chairman/CEO, Prestige Insurance Brokers,...

Seplat Energy Achieves $537m Dividend Milestone for Shareholders

  Having approved its final dividend of 7.5 cents per...

PwC Survey: CEO Confidence Rises Despite New Risks, Uncertainty

Worldwide, CEOs’ confidence levels for their growth prospects and...

Mettā Unveils 3rd Fashion Lab Powered by HIVOS East Africa

Mettā Nairobi, in partnership with HIVOS East Africa, is set...

RSIPA Forum Seeks Single Tax Window, Partnerships to Drive Growth in Rivers State

Dr. Chamberlain Peterside, Director-General, Rivers State Investment Promotion Agency...

STI at 1st International Co-operation, Investment Summit in Calabar

L-R: Segun Bankole, Deputy General Manager, Corporate Communications &...

Sovereign Trust Insurance Partners Rotary Club on Project Wash

Sovereign Trust Insurance Plc in collaboration with Rotary Club...

CTO calls for specific goals and targets for ICTs in post-2015 development agenda

Venue: LONDON, Time: 20 OCTOBER 2014 Following consultations with its...
spot_img

Related Articles

Popular Categories

spot_imgspot_img