EXCLUSIVE: NDIC boss to proceed on terminal leave after completion of second term in December

The Managing Director/Chief Executive Officer, Nigeria Deposit Insurance Corporation (NDIC), Mr. Umaru Ibrahim will in December proceed on a terminal leave after the expiration of a successful second term tenure. 

Newsclickng.com reports that Ibrahim took the mantle of leadership of the corporation as CEO on 8, December, 2010.

Speaking while declaring the 2020 edition of the NDIC Workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) which commenced on Monday, 19 October (today) and will last till Wednesday, October 21, Ibrahim said the annual FICAN workshop which began fourteen (14) years ago, has transformed into a veritable human capital development platform. According to him, the workshop provides a unique avenue to critically analyse emerging issues, engage with critical stakeholders, and most importantly enhance and update the knowledge of financial journalists on current trends in the financial system. He said the FICAN workshop also served as a tool to enhance the quality of reportage especially in addressing misconceptions about the mandate and activities of the Corporation in promoting financial system stability.

In his words: “the impact of the COVID-19 pandemic and the resultant disruptions to social and economic activities had negative consequences on all lives and nations across the world. The threat of recession, increased national debt, increase in non-performing loans and potential financial crisis has put pressure on regulators to reassess their supervisory activities to strengthen their capabilities to address these challenges and forestall financial crisis.

The emergence of digital financial services enabled by financial technology (Fintech) has enhanced efficiency in the financial sector but has also posed new challenges to financial regulators and consumers. This became more apparent during the pandemic when the lockdown protocols hindered physical access to financial services, encouraging more Nigerians to rely on digital financial services. Inevitably, the media was also adversely impacted by the pandemic. Our attempts to tackle the erosion of public confidence due to the prevalence of fake news, particularly via social media, became a matter of serious concern.”

In his paper: Global Review of COVID-19 Related Financial Stability Developmens, Policy MeasuresTaken and Assessment of their Effectiveness, a Director in NDIC, Dr. S. A Oluyemi spoke of the global impact of the pandemic – how it affected countries in both developed and emerging markets.

He also dwell on mitigants adopted as regulators in policy instruments, frameworks adopted by different countries on health and social protections implemented.

Dr. Oluyemi later discussed global measures taken and interventions by all the multilateral agencies like the World Bank, IMF $100bn assistance to vulnerable nations and that of AFDB.

He drew lessons and parallels in measures taken by individual countries in the BRIC and MINT nation and later zero in on all the regulatory interventions taken in Nigeria by CBN & NDIC to curb the negative impact of the pandemic on the most affected sectors with the likes of N50bn COVID-19 Contigency loan; BOI’s instrument, reduction in MPR, reduction in interest rate and forbearance among others.

The workshop aside Business Editors and Financial Correspondents also have representatives of the Civil Society (CSO) with focus on financial system; Microfinance & Members of the Association of Corporate Affairs Managers of Nigerian Banks(ACAMB)

Earlier, the Director off Communications & Public Affairs Directorate, Bashir Nuhu had welcome participants assuring that the three days would be well spent with 20 papers expected to be delivered by subject matter experts.

Newsclickng.com reports that the workshop, aside Business Editors and Financial Correspondents also have representatives of the Civil Society (CSO) with focus on financial system; microfinance and members of the Association of Corporate Affairs Managers of Nigerian Banks (ACAMB).