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NDIC, CBN pledge efficient financial system

12 June 2014, 13:13

Lagos - The Nigeria Deposit Insurance Corporation (NDIC) says it will continue to collaborate with the Central Bank of Nigeria (CBN) to ensure safe, sound and stable financial system in the country.

The corporation made the pledge in a statement issued on Wednesday in Lagos after a courtesy visit by the senior management of the corporation to the CBN Governor, Godwin Emefiele.

The Managing Director of NDIC, Umaru Ibrahim Ibrahim, congratulated Emefiele on his appointment and expressed confidence in his ability to continue to transform the nation’s financial system.

The statement said that the two institutions had played complimentary roles in banking supervision, particularly during the 2008 banking crisis and the emergence of the bridge banks.

The NDIC boss said that there was the need for both institutions to continue to work more closely to ensure the vibrancy of the nation’s banking sector.

The statement recalled the various efforts and contributions of the Executive Committee on Banking Supervision and other CBN and NDIC joint committees on critical issues affecting the financial sector.

According to the statement, the nation's economy has always been better off due to the collaborative efforts.

Emefiele, while responding, expressed his appreciation for the visit and pointed out that the apex bank had always enjoyed harmonious working relationship with the corporation.

The governor promised to continue with the collaborative efforts of the two institutions in the area of joint examination of banks, which he described, as beneficial to the banking system and the economy.

Emefiele expressed his support to members of the Financial Services Regulation Coordinating Committee (FSRCC) in ensuring effective consolidated risk based supervision in the banking sector.

-       NAN

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