The success of the Nigeria Deposit Insurance Corporation (NDIC) to ensure stability in the country’s financial system by safeguarding depositors’ funds is as a result its high ethical standards of integrity transparency and professionalism in its operation, the President of the Institute of Chartered Accountants of Nigeria (ICAN), Chief Davidson Chizuoke S. Alaribe, has said.
Chief Alaribe who spoke during the visit of the ICAN Governing Council to the NDIC Management in Abuja said the NDIC has been recognised as a formidable organisation due to its commitment to compliance with standards of corporate governance, zero-tolerance for corruption and effective internal controls.
He said the Corporation’s commitment was recognized by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which awarded it the top position in its 2023 Ethics and Integrity Compliance Scorecard (EICS).
Underscoring the positive relationship between the Institute and NDIC, Chief Alaribe disclosed that ICAN established the ICAN Accountability Index to promote integrity in key sectors of the economy, focusing on budget, credibility, asset and debt management.
In his remarks, the Managing Director and Chief Executive Officer of NDIC, Mr. Bello Hassan congratulated Chief Alaribe on his appointment as the 60th President of ICAN.
Hassan, himself a Fellow of the Institute, described ICAN as a strategic stakeholder of the Corporation. He therefore reiterated the need for the Institute to ensure its members uphold the highest values of integrity and professionalism in the discharge of their duties as auditors, as NDIC and the Central Bank of Nigeria (CBN) continue to rely on their expertise as external auditors in their risk-based supervision of banks.
Reflecting on his earlier call for stronger collaboration with ICAN, the NDIC Boss stressed the need for the introduction of Deposit Insurance module in the curriculum of ICAN examinations.
Hassan emphasised that this initiative was essential to enhance the understanding of the Deposit Insurance Scheme among ICAN members, who represent a significant portion of potential bankers and bank examiners.
He restated the NDIC Management’s commitment towards strengthening the partnership between ICAN and the Corporation in contributing to the stability of the banking sector and the nation’s financial system as a whole.
