NDIC Backs CBN on Strengthening Banks

The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, has said that the corporation supports the Central Bank of Nigeria’s (CBN) efforts to strengthen the nation’s banking industry.

He stated this in his opening address at the 2023 edition of the NDIC’s Editors Forum in Lagos yesterday. He pointed out that the NDIC’s operations, which focus 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, complement the efforts of the CBN to achieve a secure and stable banking system, in addition to supporting the fiscal authority in maintaining stability within the financial sector.

The NDIC boss noted that the corporation, like other institutions such as the CBN, has at various times faced challenges occasioned by the impact of macroeconomic factors and developments in the financial services industry.

He said: “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.

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