NDIC calls for effective collaboration in banking industry

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The Nigeria Deposit Insurance Corporation (NDIC) has called for effective collaboration between regulators and operators in the banking system for the establishment of sound ethics and professionalism in the banking industry.

The Managing Director and Chief Executive, NDIC, Mr Umaru Ibrahim, made the call during a courtesy visit by the executive members of the Chartered Institute of Bankers (CIBN) , led by the President and Chairman of Council, Dr Uche Olowu, in Abuja, the nation’s capital.

He recalled the recent involvement of some deposit money banks in illegal Foreign Exchange transfers as a wake-up call for better corporate governance and ethical behaviour by banks in the country.

Ibrahim assured CIBN of his resolve to strengthen collaboration with the institute in the enforcement of good corporate governance among banks and the promotion of high ethical standards and professionalism.

He said it was the primary responsibility of regulators to uphold strict compliance with international best practices and ethical standards to promote effective risk management and sound corporate governance in the banking industry.

According to him, this is in line with the corporation’s drive toward protecting depositors and enhancing public confidence in the financial system.

The CIBN President, Uche Olowu, emphasised the need to extend the collaborative efforts to joint research and knowledge-based events to enhance public awareness about the role of deposit insurance in financial system stability.

Peace PIAK