Home Business & Economy APDI commends NDIC’s role in financial system stability

APDI commends NDIC’s role in financial system stability

Comfort Ekeleme

African Peace and Development Initiative (APDI), a pan African Non-governmental Organization (NGO), has lauded the efforts of the Nigeria Deposit Insurance Corporation (NDIC) towards the safety and stability of the Nigerian financial system.
The NGO also commended the corporation for standing out as one of the leading deposit insurers in the continent.
President of APDI, Hon. Mike Femi who gave the commendation in Abuja while presenting the Africa’s Meritorious Service Award of the organization to the Managing Director of NDIC, Alhaji Umaru Ibrahim said the commitment of the corporation at keeping fate with its depositor protection mandate over the years and the various initiatives which it continued to bring to bear on the discharge of its mandate.
He said, “Particularly the recent Bridge Bank phenomenon had gone a long way in boosting confidence in the nation’s financial system.
Speaking further he stated that as a supervisor, it was heart-warming that NDIC had demonstrated overt transparency and professionalism in the conduct of its operation thereby serving as role model to other public institutions in Nigeria and the continent.
On the award by the organization, Hon. Femi stated that the APDI whose membership covered ten African countries instituted the award platform to recognize individuals with immense contributions to the economic growth and development of African countries with a view to encouraging them to aim for greater heights.
APDI President maintained that the significance of the award underscore the few number of recipients which for 2014 was conferred on President John Dramani Mahama of Ghana and Alhaji Umaru Ibrahim.
In his acceptance speech, the NDIC boss, who was represented by the Director, Internal Audit, Alhaji Ibrahim Tafida reiterated that the corporation would continue to accord transparency, professionalism and diligence pride of place in the discharge of its mandate of deposit guarantee, banking supervision and failure resolution.
He noted that the bridged bank model adopted in resolving the problems of the erstwhile Afribank Plc. Bank PHB Plc. and Spring Bank Plc. and the formation of Mainstreet Bank Ltd. Keystone Bank Ltd. and Enterprise Bank Ltd. were to protect millions of deposits in the banks and prevent the systemic repercussions of the banks’ failure on the entire financial system and save thousands.

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