Written by Sarah NEGEDU

US govt. commends NDIC over academy

The Nigeria Deposit Insurance Corporation, NDIC, has been commended for setting a standard for capacity building on Deposit Insurance System, DIS, in African.

The recent commendation which came from the United States Department of Treasury, particularly commended the NDIC for setting up a world class academy that could serve as a reference point for DIS on the continent.

The Regional Adviser of the US Treasury, Mr. Philip Morris, made the commendation in Abuja during a meeting between NDIC management and delegates from the Office of Technical Assistance, OTA, convened to explore areas of collaboration towards the enhancement of the training needs of the NDIC Academy.

According to Morris, the corporation’s reputation in the international community was already acknowledged by the International Association of Deposit Insurers, IADI.

He added that several African countries now counted on the NDIC Academy for the capacity building for members of their staff. Mr. Morris expressed his confidence that the OTA’s collaboration would further strengthen the Academy’s efforts towards achieving its vision of becoming the model Deposit Insurance Training Institute in Africa and the Asia regions by the year 2020.

In his remarks, the NDIC Managing Director and Chief Executive Officer, Mr. Umaru Ibrahim described the visit as a crucial step towards enhancing service delivery in the operations of the Corporation to address current challenges in the banking sector.

He expressed his optimism that the OTA would collaborate with the Corporation in the areas of contingency planning and simulation for bank crisis, including failure resolution strategies such as the Purchase & Assumption (P&A) and bridge bank options already explored by the Corporation.

The MD lauded the current efforts of the OTA to contribute to the development of expertise on curriculum development, course design, delivery and evaluation for the NDIC Academy.

Before the current initiative, the NDIC had previously collaborated with the OTA on capacity building for the implementation of the International Financial Reporting Standard, IFRS, Risk Based Supervision, RBS, as well as Enterprise Risk Management.

At least 368 members of staff of the Corporation were trained on the IFRS, RBS and ERM in previous arrangement.

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