ICAN highlights NDIC’s efforts in promoting financial system stability

Davidson Alaribe, the president of the Institute of Chartered Accountants of Nigeria (ICAN), has commended the Nigeria Deposit Insurance Corporation (NDIC) for its continuous compliance to the highest standards of integrity and transparency which is critical to the success of its operations in safeguarding depositors’ funds and ensuring the stability of the financial system.

This formed part of the ICAN president’s remarks during a courtesy visit of the ICAN Governing Council to the NDIC management in Abuja.

Alaribe said, the NDIC had been recognised as a formidable organisation due to its commitment to compliance with standards of corporate governance, zero-tolerance for corruption and effective internal controls.

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He added that the Corporation’s commitment had been recognised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which awarded NDIC the top position in its 2023 Ethics and Integrity Compliance Scorecard (EICS).

While underscoring the relationship between his Institute and NDIC, Alaribe stated that ICAN had also established the ICAN Accountability Index to promote integrity in key sectors of the economy, focusing on budget, credibility, asset and debt management.

Responding, Bello Hassan, managing director and chief executive officer of NDIC, congratulated Alaribe on his appointment as the 60th president of ICAN. Hassan, himself a Fellow of the Institute, described ICAN as a strategic stakeholder of the Corporation.

He therefore reiterated the need for the Institute to ensure its members uphold the highest values of integrity and professionalism in the discharge of their duties as auditors, as NDIC and the Central Bank of Nigeria (CBN) continue to rely on their work as external auditors in their risk-based supervision of banks.