Amaka Obiefuna.

The Nigeria Deposit Insurance Corporation (NDIC) has been conferred with the Special Recognition and Commendation Award for Excellence in Banking (Public Service) at the Business Day Banking Awards 2017 which was held on October 14, 2017.

In a letter of commendation to the Corporation, the awards committee anchored by Business Day Research and Intelligence Unit (BRIU) stated that the NDIC was adjudged as “an outstanding public service provider” with sterling performance which stood high above its peers in effective leadership and accomplishments.

According to the organisers, the Award Committee which was made up of eminent Nigerians, reviewed the pragmatic and tangible transformations which the Corporation brought into management and execution of its core mandate including mitigation of corruption, insider abuse as well as containing non-performing loans in the nation’s financial system. The Committee stated that the NDIC “ has also pursued the observance of corporate governance principles in the Nigeria’s financial system”, with declaration that this contribution and other milestone achievements earned the Corporation the public recognition.

While commending the Corporation on the feat, the organisers stated that the NDIC had implemented good institutional transformation policies which had resulted in friendly business environment, expansion of opportunities and a huge contribution towards economic development.

Receiving the award on behalf of the Corporation, NDIC Managing Director & Chief Executive, Alhaji Umaru Ibrahim said the Corporation welcomed the award as a challenge to further raise the bar of excellent performance on the discharge of its mandate. He recalled the rebranding of the Corporation in 2013 which gave rise to the overhaul of the its processes, procedures, systems and methods of operation in line with global best practices in deposit insurance. He expressed delight that Management’s initiatives were paying off with recognitions coming from home and abroad.

It could be recalled that the NDIC in 2014 won the International Association of Deposit Insurers (IADI) award as the Best Deposit Insurance Organisation of the Year under Category 2 of the IADI Core Principles on Compliance and International Collaboration. In 2016, the MD/CE was also re-elected unopposed into the Executive Committee of the IADI for a term of three years in view of his outstanding performance in his first term between 2013 and 2016.