The Nigeria Deposit Insurance Corporation (NDIC), said it will continue to monitor the banking sector to address emerging challenges.
NDIC Managing Director, Bello Hassan, said this at a retreat for members of the Senate Committee on Banking, Insurance and other Financial Institutions with the NDIC, at Eko Hotel, on Saturday in Lagos.
The retreat was themed, “Deposit Insurance in Nigeria-Re-Strategising for Tomorrow.”
Hassan, represented by the Executive Director (Operations) NDIC, Mustapha Ibrahim, said effective risk based management remained central to a safe and sound banking system.
“The NDIC and the Central Bank of Nigeria have a very robust supervisory framework; the risk based approach is actually proactive. For the most part, we try to anticipate all these risks – macro, micro, domestically and globally – to address them continuously.
“It is so dynamic that we also are constantly on a real time basis, monitoring the industry continuously and fine-tuning our supervisory tools, both onsite and offsite, to mitigate some of the challenges the banks may be facing,” said Hassan.
He expressed happiness that the Nigerian banking industry is at the moment quite resilient to most of these challenges, particularly, external shocks which are beyond the Corporation’s control.
“We have tried to immunise the system to withstand shocks that may be impacting on the economy and the financial system,” Hassan said.
We have tried to immunise the system to withstand shocks that may be impacting on the economy and the financial system.
The Chairman, Senate Committee on Baking, Insurance and other Financial Institutions, Senator Uba Sani, said the retreat demonstrated the progress made in forging sustainable and workable relationships in the overall interest of the nation.
“The National Assembly and NDIC are key institutions critical to the growth and development of the Nigerian economy becric.
“While we provide the legal and institutional frameworks, NDIC carries out its regulatory or supervisory responsibilities in order to safeguard the banking sector.
“Engagements of this nature give us the platform to deeply look into our activities and responsibilities and also examine how far we have gone in carrying out our mandate as required.
“It helps in injecting fresh ideas into our operations which will materialise into an improved, effective and efficient service delivery to Nigerians,” he said.
Sani, represented by Sen. Olubunmi Adetunbi, believed that the outcome would help in strengthening the financial and banking sectors, and in particular the NDIC’s supervisory and regulatory role. (NAN)
