The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has stressed the need for effective collaboration between regulators and operators in the banking system for the establishment of sound ethics and professionalism in the banking industry.
Ibrahim made the call during a courtesy visit by the council members of the Chartered Institute of Bankers (CIBN), led by its President and Chairman, Dr. Uche Olowu.
The NDIC chief expressed worries over cases of abuse of extant regulations and ethical standards, which have impacted negatively on the confidence level in the banking industry and the entire financial system.
He cited the recent involvement of some deposit money banks in illegal foreign exchange transfers as a wake-up call for improved corporate governance and ethical behaviour by the banks.
He however, assured the CIBN chief of his resolve to strengthen collaborations with the institute in the enforcement of good corporate governance among banks, as well as the promotion of high ethical standards and professionalism.
Ibrahim also pointed out that it was the primary responsibility of regulators to uphold strict compliance with international best practices and ethical standards to promote effective risk management and sound corporate governance in the banking industry.
This, he said, is in line with the corporation’s drive towards protecting depositors and enhancing public confidence in the financial system.
Responding, Olowu reaffirmed the recognition of the NDIC Academy by the International Association of Deposit Insurers (IADI) as a world-class institution in providing capacity building for the banking industry.
He said the recognition and the CIBN’s active collaboration with the corporation to entrench ethical standards were key drivers to effective service delivery in the industry.
The banker, therefore, harped on the need to extend the collaborative efforts to joint research and knowledge-based events, to enhance public awareness about the role of deposit insurance in financial system’s stability.
According to him, the active participation of the corporation in the activities of CIBN, as well as its role in the nation’s economic development, informed the council members’ visit and to formally invite him as a special guest and resource person at the institute’s 11th yearly banking and finance conference.
