NDIC Chief Harps on High Ethical Standards in Banking Industry

By James Emejo

The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, Thursday stressed the need for banking professionals to comply with the high standards in ethics and professionalism, which he described as critical to maintaining the safety and soundness of the banking system.

He said though there had been some improvements in risk management practices within the banking industry, there’s the need to strengthen current efforts aimed at ensuring that banking professionals comply with the high standards.

He spoke when he received the executive council members of the Chartered Institute of Bankers (CIBN) led by the President/Chairman of Council, Mr. Bayo Olugbemi, which paid him a courtesy visit in Abuja.

Hassan also emphasised the need for effective collaboration between regulators and operators in the banking system for the establishment of sound ethics and professionalism in the banking industry.

He, however, pointed out that the vision and mission of the institute aligned with that of the corporation, which focuses on the protection of depositors through the provision of deposit insurance in licensed banks, deposit taking financial institutions and assisting monetary authorities in formulating sound banking policies, which he said, contributed to the safety and soundness of the banking system.

According to the NDIC boss: “These mandates are consistent with the objectives of CIBN as the only professional body that is charged with the responsibility of regulation of banking profession within Nigeria.

“Therefore, we will continue to work together as partners in ensuring that the banking system in Nigeria remains safe, sound and stable.”

While also acknowledging the CIBN’s accreditation of the corporation’s academy as as a training service provider of the banking industry, he further urged the institute to continue to focus on attaining sustainable learning and professional development through creating alliances and partnership with regulators, operators and other relevant agencies as well as service providers for the mutual benefit of all stakeholders in the banking industry.

In a statement by the NDIC Director, Communication and Public Affairs, Mr. Bashir Nuhu, the MD, however, assured the CIBN president of the corporation’s commitment towards continued collaboration with the institute in its various programmes to contribute to the effective service delivery and stability of the banking industry.

Olugbemi had earlier commended the corporation’s active participation in the CIBN as a permanent member of the council and the membership of staff especially at various levels of the CIBN committees.

He added that the NDIC had made substantial and valuable inputs to the amendment of the CIBN Act which is before the National Assembly and solicited for the corporation’s support in the amendment process.

He further pledged the institute’s commitment to use collaboration and advocacy through its vast network of stakeholders to promote the merits of deposit insurance and the critical role of the mandate and activities of the corporation in the nation’s financial system.