COMMENDATIONS FOR NIGERIA DEPOSIT INSURANCE CORPORATION AT 30
By: Felicia Bocco
Cooperate governance and risk management have been described as the center of banking safety. This was the consensus of speakers at the lecture to mark the thirtieth anniversary of the establishment of the Nigeria Deposit Insurance Corporation (NDIC), held at the Transcorp Hilton Hotel, Abuja. The speakers therefore called for adequate corporate governance and risk management. At the 30th anniversary lecture tagged Emerging Risk and Corporate Governance Issues in Banking, was a roll call of who is who in the banking sector and governance in Nigeria.
In his speech, Vice President Prof. Yemi Osibanjo commended NDIC for its strides within the thirty years of existence and for giving international respect to itself and Nigeria. He said, NDIC has demonstrated that it is an institution worthy of all the accolades and commendations it gets and prayed that the next thirty years will be more glorious for the staff and the corporation.
In his lecture, the guest speaker, Mr. Aigboje Aig-Imoukhuede, said banks fail when cooperate governance and risk management are not conducted in the manner they should operate. He described these as reasons for failure of some banks in Nigeria.
The Chairman Board of Trustees NDIC, Mrs. Ronke Sokefun, in her opening address said the day is a significant milestone in the history of Nigeria’s banking system since the establishment of the cooperation 30 years ago. She said NDIC plays a vital role in the sustenance of financial stability in the economy of the nation.
According to her, despite the obvious challenges for the past thirty years the NDIC had been able to demonstrate its uncommon capacity to the extent that it has effectively implemented its mandate and liberated the Nigeria banking sector from failure.
Goodwill messages were received from: the Ooni of Ife, His Imperial Majesty Oba Adeyeye Enitan Ogunwusi; the Emir of Kazaure , Najib Hussani Adamu, the President of the Senate Dr. Ahmed Lawan, and the Governor of the Central Bank Mr. Godwin Emefiele who was represented by his deputy; among others.