The Institute of Chartered Accountants of Nigeria (ICAN), Abuja District Society has acknowledged roles played by the Nigeria Deposit Insurance Corporation (NDIC) in bringing sanity to the financial system, especially in the course of the banking reforms.
ICAN Chairman, Abuja District, Shehu Usman Aladire, said NDIC’s role in the reforms inspired depositors’confidence in the nation’s banking system.
Aladire spoke at a gala night in Abuja to honour the Managing Director/ Chief Executive Officer, NDIC, Umaru Ibrahim.
The ICAN chairman cited the increase of deposit insurance coverage levels from N50,000 to N200,000 per depositor of deposit money banks (DMBs) and the extension of insurance coverage to depositors of microfinance banks (MfBs) as well as the primary mortgage banks (PMBs) at N100,000 per depositor of the MfBs and PMBs including the second upward review to N500,000 and N200,000 per depositor of DMBs and MfBs/PMBs. This, he said, had met the economic realities and promoted public confidence in the financial system.
Another achievement of the corporation, he said, was the establishment of the bridge bank as a failure resolution option in the interest of depositors and other stakeholders.
“While stressing that the NDIC’s initiative was internationally applauded, ICAN also noted with delight that the bridge bank approach adopted in 2010 prevented systemic crisis and outright liquidation of the affected banks. Such it said, would have had dire consequences for depositors and other stakeholders in the nation’s banking system,” a statement from NDIC said.
The ICAN National Vice-President, Kabir Alkali Mohammed, also presented an award to Ibrahim for his contributions toward the safety, soundness and stability of the financial system.
He described the recipient as an embodiment of hard work, integrity and humility. He said the vision of ICAN with its merit awards was to promote exemplary leadership by identifying and honouring individuals with outstanding achievements and enviable contributions toward the growth and development of the nation.
Source: Thenation
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