NDIC declares zero tolerance for corruption in operations

The Nigeria Deposit Insurance Corporation (NDIC) as a key component of the Nigerian financial safety-net arrangement, has declared zero tolerance for corruption and all forms of malpractices within the Corporation and in the implementation of its mandate and activities.

Umaru Ibrahim, managing director/CEO, stated this during the inauguration of four new members to the Corporation’s Anti-Corruption and Transparency Unit (ACTU) by the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) at the Corporation’s Head Office in Abuja.

Represented by Omolola Abiola-Edewor, executive director, corporate services, said the Corporation has established a culture of zero tolerance for corruption by implementing strict operational procedures and guidelines that are geared towards instilling transparency and accountability in the work place. She described the inauguration of the new members to the Corporation’s ACTU as an extension of the NDIC’s commitment towards maintaining high anti-corruption standards which had been imbibed by the Corporation’s employees and strengthened by the core values of honesty, respect and fairness, discipline, professionalism, teamwork and passion.

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He added that ACTU of the NDIC had been involved in the preliminary investigation and collaboration with ICPC, sensitization of the Corporation’s members of staff, identification and improvement of internal controls to avert fraudulent practices through the thorough analysis of its systems, as well as by ensuring maximum compliance with its policies and procedures.

Ibrahim concluded by stating that the inauguration of the new members further strengthened the Corporation’s partnership with the ICPC and other government agencies involved in the anti-corruption fight towards promoting credible and effective service delivery in the public sector.

The Chairman of ICPC, who was represented by an Assistant Director and head of ICPC Anti-Corruption Unit, Justin Kuatsea, said ACTU was created in ICPC in 2001 and established in other Government Agencies to curb corrupt practices as well as to implement transparent processes and procedures in the public sector. He expressed the belief that the addition of new members to the unit would improve synergy and effective collaboration between the unit, NDIC and the ICPC. He therefore commended the NDIC for its commitment to transparency and accountability both in its operations and in the banking sector.

It would be recalled that the ACTU was established in the Corporation in 2006 and was reconstituted in 2018. The new members were therefore appointed into the Unit to replace the former members.

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.