NDIC Editors Forum 2023: Fortifying Media-NDIC Partnership for Financial Resilience
Mr. Bello Hassan, NDIC’s Managing Director/Chief Executive, extended a warm welcome to participants at the 2023 NDIC Editors Forum held at Providence by Mantis Hotel, Lagos. Established in 2011, this annual event aims to deepen understanding between NDIC management and senior editors, fostering public awareness and confidence in Nigeria’s Deposit Insurance System.
Hassan underscored the media’s pivotal role, referencing the recent Workshop for Business Editors and Finance Journalists. The Editors Forum serves as a linchpin in consolidating NDIC’s partnership with media leaders, ensuring the effective implementation of the Deposit Insurance System.
Highlighting NDIC’s role in the nation’s financial safety net, Hassan detailed operations focused on minimizing bank runs, reimbursing insured depositors, and the orderly liquidation of failed banks. This system supports financial stability and economic growth, aligning with the Central Bank of Nigeria’s endeavors.
The theme, “Stocktaking of Deposit Insurance Practice,” delves into past, present, and future aspects. Hassan urged discussions on deposit insurance coverage adequacy, expeditious reimbursement in bank failures, and the media’s role in fortifying financial system stability.
Hassan outlined key achievements, such as introducing the Single Customer View framework for swift payments, fostering collaboration with the legal sector, and successful out-of-court settlements. The Corporation has also strengthened consumer protection efforts and achieved higher debt recovery rates.
NDIC’s commitment received acclaim through various accolades, including being named the Overall Best Public Institution by the ICPC and obtaining ISO certifications. Hassan’s election as Vice-Chairperson of the International Association of Deposit Insurers reflects NDIC’s global standing.
Expressing hope for strengthened determination, Hassan encouraged robust discussions to enhance the implementation of the Deposit Insurance System. This collaborative effort aligns with the Central Bank’s commitment to ensuring the soundness of the financial system.
Concluding with gratitude, Hassan anticipated fruitful deliberations, extending best wishes for safe travels to participants outside Lagos.
