The Nigeria Deposit Insurance Corporation (NDIC) has called for calm among depositors affected by the recent revocation of the licenses of 178 Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs) by the Central Bank of Nigeria (CBN), assuring them of speedy payment of their insured sums.
The Managing Director of NDIC, Mr. Bello Hassan, gave the assurance during a three-day capacity-building workshop for the management staff of the corporation held at the Four Point by Sheraton Hotel, Ikot Ekpene, Akwa Ibom State on Friday.
With the theme: ‘Result Based Procurement: A Strategic Approach’, the event was organized by NDIC in collaboration with the Bureau of Public Procurement (BPP).
The Managing Director represented by the Executive Director, Operation, Mr Mustapha Ibrahim stressed that the corporation would not compromise standards and would also ensure that no room is left for public panic over the safety of bank deposits.
Hassan stated that NDIC would continue to strengthen the financial system to appropriately support the economic advancement of the nation and also contribute meaningfully to financial system stability.
“It is also pertinent to remind ourselves of the role the Nigeria Deposit Insurance Corporation (NDIC) continues to play as a key player in the Financial Safety-Net arrangement of the country’s banking system as a Deposit Insurer; others being; the prudential Regulation & Supervision, Failure Resolution, Deposit Insurance and Lender of Last Resort function of the Central Bank of Nigeria (CBN).
“These components continue to safeguard the safety and soundness of the banking system as well as promote financial stability.
“Following the recent revocation of the licenses of 178 Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs) by the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) has since commenced the liquidation exercise with the main purpose of paying the guaranteed sum, recovery of debts owed the banks, sale of physical assets and payment of liquidation dividend on the uninsured sum.
“The NDIC is hereby assuring depositors of the closed banks of speedy payment of their insured sums”. He stated.
Hassan expressed delight that the collaboration and training of Procurement Staff by BPP has facilitated waste reduction, blocked leakages, enhance healthy competition and transparency, and by extension would make NDIC become “one of the Best Deposit Insurers in the world”.
In his keynote remark, the Director-General of BPP, Mr. Mamman Ahmadu, cautioned that any public procurement without plans and records is tantamount to criminality.
Ahmadu, represented by the Director, Research and Development/ICT, Mr. Aliyu Aliyu assured that the agency will continue to collaborate with NDIC to ensure smooth sailing on procurement.
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