The Nigeria Deposit Insurance Corporation (NDIC) has pledged to continue to work closely with the Central Bank of Nigeria (CBN), to ensure effective supervision and monitoring of banks in the country.
The NDIC Managing Director, Umaru Ibrahim made the pledge on Wednesday at the NDIC Special Day at the ongoing 39th Kano International Trade Fair.
Our correspondent reports that the Managing Director was represented at the occasion by the Controller, NDIC Kano Zonal Office, Mr Bashir Nuhu.
He said the measure was necessary in order to ensure adequate protection of depositors in the domestic financial system against flagrant disregard of extant rules by the management of financial institutions.
Ibrahim said the collaboration with the CBN would also help to reduce the occurrence of unlawful insider dealings, weak internal control and overall non-compliance to prudent guidelines.
“The corporation, in collaboration with other stakeholders, will continue to promote good corporate governance in the nation’s banking system,” he said.
The Managing Director said as part of efforts to further enhance stability in the financial system in subsequent periods, and forestall the reoccurrence of disappointments, the corporation had embarked on various public awareness campaigns explaining the roles and responsibilities of customers to their banks, and vice versa.
“This will essentially instil market discipline on the part of the depositors to ever be more vigilant in choosing the financial institutions to bank with.
He, therefore, stressed the need for traders, artisans and farmers to ensure that their savings are deposited in banks or other financial institutions nearest to them, to avoid loses that could result from fire incidents, burglaries and other forms of crime.
Earlier, in his remarks, the President of the Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA), Alhaji Dalhatu Abubakar, said the trade fair was organised by the Chamber in collaboration with its partners, to enable participants to exchange ideas.
The theme of this year’s fair is: Ease of Doing Business for Sustainable Development in Nigeria.