The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has hammered on the need for collaboration between the bank and the Nigeria Deposit Insurance Corporation (NDIC), to mitigate risks in the financial sector and ensure depositor confidence.
Cardoso said the CBN counts on NDIC’s support to proactively deal with potential shocks by leveraging modern tools for financial stability in the country.
The Apex Bank boss stated during a courtesy call by the newly appointed management of the NDIC, led by the Managing Director, at his office in Abuja.
Congratulating the new Managing Director and the Executive Director Operations of the Nigeria Deposit Insurance Corporation (NDIC) on their appointments, Governor Cardoso expressed optimism about deepening collaboration between the two institutions.
“Our meeting today is a clear testament to our willingness to work together. The CBN counts on NDIC’s support in navigating the uncertain times that we are in.
”This visit underscores the shared commitment of both institutions to strengthen collaboration towards safeguarding Nigeria’s financial system,” a statement by the NDIC Head of Communication & Public Affairs, Hawwau Gambo, quoted the CBN Governor as saying.
Earlier in his address, the NDIC MD/CE, Thompson O. Sunday, commended the CBN for its reform programmes under the leadership of Mr Cardoso, particularly the stabilisation of the forex market as well as the ongoing recapitalisation of Deposit Money Banks.
He stated that the NDIC is committed to aligning its operations with the NDIC Act 2023, explaining that the Corporation was in the process of embarking on a strategic restructuring to better align operations with its risk minimization mandate as well as developing a new corporate strategy as the one in use was due to expire at the end of the current year.
Sunday reiterated the NDIC’s willingness to collaborate with the CBN towards enhancing financial system stability, expressing appreciation for the CBN’s support in premium collection from insured institutions.
He also outlined the Corporation’s recent milestones, including the payment of N54.62 billion to 691,418 depositors of the defunct Heritage Bank, and the declaration of a liquidation dividend of 9.2 kobo per Naira to uninsured depositors within a year of closure and the ongoing efforts to develop a target funding framework.
