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Published On: Thu, Dec 6th, 2018

NDIC restates continued partnership with CBN on banking supervision

NDIC Managing Director/CEE, Alhaji Umaru Ibrahim

The Nigeria Deposit Insurance Corporation (NDIC) has pledged to continue to work closely with the Central Bank of Nigeria (CBN), to ensure adequate supervision and monitoring of banks in the country.

The NDIC Managing Director, Umaru Ibrahim pledged on Wednesday at the NDIC Special Day at the ongoing 39th Kano International Trade Fair.

Ibrahim, who represented at the occasion by the Controller, NDIC Kano Zonal Office, Mr. Bashir Nuhu, aid the measure was necessary to ensure adequate protection of depositors in the domestic financial system against flagrant disregard of extant rules by the management of financial institutions.

The NDIC MD noted that the collaboration with the CBN would also help to reduce the occurrence of unlawful insider dealings, weak internal control and overall non-compliance to prudent guidelines.

“The corporation, in collaboration with other stakeholders, will continue to promote good corporate governance in the nation’s banking system,” he said.

The Managing Director said as part of efforts to further enhance stability in the financial system in subsequent periods, and forestall the reoccurrence of disappointments, the corporation had embarked on various public awareness campaigns explaining the roles and responsibilities of customers to their banks, and vice versa.

“This will permanently instill market discipline on the part of the depositors to ever be more vigilant in choosing the financial institutions to the bank with.

He, therefore, stressed the need for traders, artisans and farmers to ensure that their savings are deposited in banks or other financial institutions nearest to them, to avoid losses that could result from fire incidents, burglaries and other forms of crime.

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