Bank failures blamed on poor corporate governance

Tijjani Borodo, Chairman, Chartered Institute of Directors (CIoD) Nigeria, has blamed bank failures on poor corporate governance, but commended the Nigeria Deposit Insurance Corporation (NDIC) for its notable achievements in bank liquidation and resolution.

The NDIC excellence in operational standards, consistent implementation of its mandate, and unwavering commitment to ethical leadership and sound corporate governance especially in banking supervision and depositor protection, have been critical factors in the Corporation’s success in promoting the stability of the banking sector and the nation’s financial system.

He made these remarks during a courtesy visit by the CIoD Governing Council to the Management of the NDIC at the Corporation’s Head Office in Abuja.

He stated that as the apex professional body for directors in Nigeria, the CIoD had instituted mechanisms and procedures to sanction erring directors found culpable of unethical conduct. He reaffirmed the Institute’s strong commitment to promoting high standards of governance and leadership across all sectors, including the banking industry.

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Tijjani Borodo described the visit of the Governing Council of the CIoD opportunity to strengthen and sustain the partnership between the Institute and the NDIC, particularly in the area of capacity building through Board induction programmes, executive leadership development, and governance training tailored to the specific needs of directors in both the public and private sectors.

In response, Bello Hassan, NDIC Managing Director/CE, expressed appreciation to the CIoD leadership in promoting professionalism and corporate accountability.

He emphasised the NDIC’s commitment to depositor protection and financial system stability, stressing that corporate governance is central to the Corporation’s operational mandate and critical in strengthening the integrity and resilience of banks as well as instilling public confidence in the financial system.

Hassan further reiterated the Corporation’s readiness to sustain its partnership with the Institute in advancing a strong culture of corporate governance among the NDIC’s executive staff and across the broader financial industry.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.