ABUJA – The Nigeria Deposit Insurance Corporation (NDIC) has called for stronger collaboration between the Federal Ministry of Finance and all agencies under its supervision for a better understanding of their operations.A statement by the corporation on Friday in Abuja said its Managing Director, Alhaji Umaru Ibrahim, made the call at a two-day seminar for management staff of the ministry of finance. In the statement by Alhaji Hadi Birchi, Director of Corporate Communications of NDIC, Ibrahim said it was it is important for management staff of the ministry to be informed on emerging developments in the financial system.
He said it was also necessary for the ministry to understand the operations of the various regulatory bodies it supervised.
“This will also enable them to effectively discharge their over-sight responsibilities,’’ he said.
He noted that the expediency in the economy had underscored the need for continuous harmony between the formulation of fiscal policies and the monetary policies of the Central Bank of Nigeria (CBN).
The policies, Ibrahim said, were geared toward sustainable economic growth and development and reiterated the need to provide the ministry’s staff with broad understanding of the mechanisms and dynamics of the financial system.
He said that NDIC had carefully drawn experienced resource persons from the banking, finance, capital market, deposit insurance, pension and the insurance sectors for the seminar.
He said that it was to enable the management staff to effectively discharge their functions.
The NDIC boss urged other financial regulatory institutions under the ministry’s supervision to assist in similar capacity building initiatives in the interest of nation’s economy.
On deposit insurance, Ibrahim stressed the need for the participants to appreciate the role of the NDIC as a risk minimiser with mandate of deposit guarantee, bank supervision, bank failure resolution and bank liquidation. (NAN)
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