Business
ICAN hails NDIC on integrity, transparency in promoting financial system stability

Chief Davidson Chizuoke S. Alaribe, President of the Institute of Chartered Accountants of Nigeria (ICAN), has commended the Nigeria Deposit Insurance Corporation (NDIC) for its continuous compliance with the highest standards of integrity and transparency, which he said are critical to the success of its operations in safeguarding depositors’ funds and ensuring the stability of the financial system.
The commendation was part of the ICAN President’s remarks during a courtesy visit of the ICAN Governing Council to the NDIC Management in Abuja.
Chief Alaribe noted that the NDIC has been recognized as a formidable organization due to its commitment to upholding standards of corporate governance, maintaining a zero-tolerance policy for corruption, and enforcing effective internal controls. He highlighted that the Corporation’s efforts have been acknowledged by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), awarding NDIC the top position in its 2023 Ethics and Integrity Compliance Scorecard (EICS).
Emphasizing the relationship between ICAN and NDIC, Chief Alaribe mentioned that ICAN has established the ICAN Accountability Index aimed at promoting integrity across key sectors of the economy, with a focus on budget credibility, asset management, and debt management.
During his remarks, the Managing Director and Chief Executive Officer of NDIC, Mr. Bello Hassan, congratulated Chief Alaribe on his appointment as the 60th President of ICAN. Hassan, who is also a Fellow of the Institute, referred to ICAN as a strategic stakeholder of NDIC. He reiterated the importance of ICAN ensuring that its members uphold the highest values of integrity and professionalism in their roles as auditors, noting that NDIC and the Central Bank of Nigeria (CBN) rely on their audits for risk-based supervision of banks.
Reflecting on his earlier call for stronger collaboration with ICAN, Mr. Hassan expressed the necessity of introducing a Deposit Insurance module in the ICAN examination curriculum. He stressed that this initiative would enhance ICAN members’ understanding of the Deposit Insurance Scheme, essential for those who could potentially work as bankers and bank examiners.
Mr. Hassan reaffirmed the Management’s commitment to strengthening the partnership between ICAN and the Corporation, working together to contribute to the stability of the banking sector and the nation’s financial system as a whole.