NDIC CALLS FOR COLLABORATION WITH IoD TO ADDRESS CORPORATE GOVERNANCE CHALLENGES IN BANKS

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L-R: Nigeria Deposit Insurance Corporation (NDIC) MD/CEO, Alhaji Umaru Ibrahim, receiving an award from the President, Institute of Directors (IOD) Governing Council, Alhaji Ahmed Rufai, during a courtesy call to the NDIC Management at the Corporation’s Head Office, Abuja

L-R: Nigeria Deposit Insurance Corporation (NDIC) MD/CEO, Alhaji Umaru Ibrahim, presenting NDIC branded souvenirs to the President Institute of Directors (IOD) Governing Council, Alhaji Ahmed Rufai, during a courtesy call to the NDIC Management at the Corporation’s Head Office, Abuja.

 

The Managing Director/Chief Executive of Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim hasidentified the critical role the Institute of Directors (IoD) could play towards addressing the poor corporate governance practices that have posed a significant risk to the safety and stability of the Nigerian banking sector.

 

Ibrahim made the remarks while receiving theMembers of theGoverning Council, Institute of Directors Nigeria (IoD) lead by its Chairman and IoD President, Alh. Rufai Ahmed Mohammed, who were on a courtesy visit to the Corporation.The NDIC MD/CEindicated that the issue of corporate governance was still central to the public discourse in Nigeria since the 2009 banking crisis when the joint Central Bank of Nigeria (CBN) and NDIC Joint Special Examination of the 24 banks in the system exposed the subject as one of the fundamental flaws of the nation’s banking system.

 

Ibrahimstressed the need for the IoD to step up efforts towards developing a more transparent and rigorous selection system for independent Directors in banks as well as strengthening their capacity through continuous training focused on international best practices, excellence in management and service delivery, environmental sustainability and inclusive growth. He added that this would not only contribute towards better quality of corporate governance but also build a solid foundation of businesses.

 

In conclusion, the MD/CEO of the NDIC assured the IoD of the Corporation’s readiness to partner with the institute. He also advised the IoDto collaborate with the CBN, Financial Institutions Training Centre (FITC),the Society for Corporate Governance (SCG),and the Chartered Institute of Bankers (CIBN)in promoting capacity building for Independent Directors especially of banks. He expressed the desire to also collaborate with the Institute towards building capacity of the Corporation’s Management most of who were engaged in bank examination in order to appreciate the dynamics of board performance.

 

Earlier in his remarks, the President of the IoD Governing Council, Alh. Rufai Ahmed Mohammed said the courtesy visit was part of the Council’s initiative to promote collaboration and synergy with key institutions through effective interaction and advocacy.He also congratulated the NDIC for its contribution to the stability of the Nigerian banking system.

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