Home Business News Stakeholders express commitment to protecting Nigeria's financial sector

Stakeholders express commitment to protecting Nigeria’s financial sector


Following their recent inauguration, members of the Board of the Nigeria Deposit Insurance Corporation (NDIC) have expressed their commitment to continually safeguard and stabilise the financial services sector in the country.

According to Chairman of the Board, Mrs Ronke Shokefun, who made the pledge in Abuja yesterday, this would be actualised through the formulation and implementation of favourable policies.

Speaking further during the first ever retreat organised for members of the NDIC Board in Abuja, Mrs Shokefun stated that positioning the country’s financial system is necessary towards ensuring economic growth.

She also said that the job of the NDIC Board is a very critical one.

Therefore, the best way to justify the trust that has been invested in the new Board members by both the NDIC and the country at large, is to do the job well.

“We are committed to providing the desired leadership required to enable the nation achieve its goal of becoming one of the top 20 economies in the world by Year 2020.

“As people of proven integrity, we are to collectively paddle the boat of NDIC in particular and that of the nation’s banking sector in general to safety.

” We owe this very important organisation and the nation that duty in order to justify the confidence reposed in us by President Muhammadu Buhari.”

About the Nigerian Deposit Insurance Corporation, NDIC

The NDIC was established  in 1988 following the recommendation of the Central Bank of Nigeria, CBN.

As an independent Federal Government agency, the main objective of the deposit insurance system is to protect the interest of depositors and guarantee payment of insured funds in the event of failure of insured institutions.

To some extent, the agency can be said to have actualised this objective. Recall that following the liquidation of Skye Bank Plc, the NDIC was at the forefront fighting to ensure that the protection of depositors.

Coronation Research

Just last November, the NDIC assured that the corporation would soon commence claims payment to depositors of failed microfinance banks and primary mortgage banks.

Coronation Research


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