- The Nigerian Deposit Insurance Corporation (NDIC) has faulted poor governance culture and risk control practices of some financial institutions capable of leading them into sudden challenges.
- Speaking at the 15th National annual conference/AGM of the Risk Managers Association of Nigeria, RIMAN, the NDIC boss, Alhaji Umaru Ibrahim while delivering a lecture on the theme of the conference” Governance and Risk Management: The way forward” hinted that some banks had been playing around avoidable crisis which they may not recover from so soon.
- Ibrahim who attributed the recent global financial crisis to a weak corporate governance and inability to effectively manage surfaced risk noted that some banks in the country were yet to learn from the experience going by their ways of operations.
“One of the greatest shocks from the financial crisis has been the widespread failure of risk management. In many cases, risk was not managed on an enterprise wide basis and was not aligned with the corporate strategy.