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The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation, Thompson Sunday has reaffirmed the agency’s firm stand on accountability and transparency in its regulatory dealings.
In a statement on Monday by Hawwau Gambo Head, Communication & Public Affairs Department at NDIC, Sunday made this known during a courtesy visit to the MD/CEO of Ministry of Finance Incorporated (MOFI), Armstrong Takang.
He noted that the NDIC has consistently remitted the required percentage of its earnings to the Federal Government in line with the provisions of the Fiscal Responsibility Act (FRA) 2007.
He explained that the corporation’s culture of compliance aligns with its role as a key institution within Nigeria’s financial safety net, charged with protecting depositors and promoting confidence in the banking system.
Sunday further disclosed that NDIC also complies with the Federal Government’s 50 percent cost-to-income ratio policy, although he noted that the policy poses operational constraints, noting that the deductions affect NDIC’s ability to build a strong Deposit Insurance Fund, which is needed to respond effectively to bank failures.
In his remarks, Dr Takang commended the NDIC for its exemplary collaborative spirit and acknowledged the corporation’s compliance with fiscal regulations. He assured that MOFI would continue to engage the Federal Ministry of Finance on NDIC’s behalf, noting that a strong NDIC is vital to sustaining confidence in Nigeria’s financial system.
NDIC takes accountability, transparency seriously — MD, Sunday
