The Nigeria Deposit Insurance Cooperation (NDIC) has charged the Chartered Institute of Bankers (CIBN) to rein in on its members on the need to comply with the high standards expected of them in terms of ethics and professionalism.
Managing Director and Chief Executive of NDIC, Bello Hassan, made the call on Thursday during a courtesy visit by the Executive Council members of theCIBN led by the President and Chairman of Council, Mr. Bayo Olugbemi.
Hassan 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.
The NDIC Boss noted that although there have been improvements in risk management practices within the banking industry, he urged the Institute to strengthen its efforts towards ensuring that banking professionals comply with the high standards expected of them in terms of ethics and professionalism which he said critical to maintaining the safety and soundness of the banking system.
Hassan explained that the vision and mission of the Institute aligns with that of the Corporation which focuses on the protection of depositors through the provision of deposit insurance in licensed banks and deposit taking financial institutions and assisting monetary authorities in formulating sound banking policies, which he alluded, contributes to the safety and soundness of the banking system.
“These mandates are consistent with the objectives of CIBN as the only professional body that is charged with the responsibility of regulation of banking profession within Nigeria. Therefore, we will continue to work together as partners in ensuring that the banking system in Nigeria remains safe, sound and stable,” Hassan said.
The NDIC helmsman who acknowledged the CIBN’s accreditation of the Corporation’s Academy as a training service provider of the banking industry, he enjoined the Institute to continue to focus on attaining sustainable learning and professional development through creating alliances and partnering with regulators, operators and other relevant agencies and service providers for the mutual benefit of all stakeholders in the banking industry.
Hassan assured the CIBN President of the Corporation’s commitment towards continued collaboration with the institute in its various programmes to contribute to the effective service delivery and stability of the banking industry.
In his remarks, the CIBN President, Olugbemi acknowledged the Corporation’s active participation in the CIBN as a permanent member of the Council and the membership of staff especially at various levels of the CIBN committees. He added that the Corporation had made substantial and valuable inputs to the Amendment of the CIBN Act which is before the National Assembly and solicited for the Corporation’s support in the amendment process.
He pledged the Institute’s commitment to use collaboration and advocacy through its vast network of stakeholders to promote the merits of deposit insurance and the critical role of the mandate and activities of the Corporation in the nation’s financial system.
