NDIC, others explore early detection, timely intervention in resolving bank failures

The Nigeria Deposit Insurance Corporation (NDIC), and other Africa Deposit Insurance agencies will explore the role of deposit insurance in early detection and timely intervention in resolving bank failures.

A statement by Mr Bashir Nuhu, the Director, Communication and Public Affairs Department of NDIC, said on Sunday in Abuja, that the move would be at the forthcoming regional workshop.

Nuhu said the event, scheduled to hold between Oct. 4 and Oct. 7, was a Technical Assistance Workshop (TAW) under the auspices of the African Regional Committee (ARC) of the International Association of Deposit Insurers (IADI).

He said the workshop tagged: ‘Normality in Turbulent Periods: The Stabilising Role of Deposit Insurance”, would also explore management and strengthening of operational resilience of deposit insurance agencies.

According to Nuhu, deposit insurance organisations from more than 15 African countries including Angola, Botswana, Burundi, Ghana,  Kenya, Senegal, Somalia, Sudan, Tanzania,  Uganda and Zimbabwe are expected to  attend.

The director said that representatives of  deposit insurance agencies from Chinese Taipei, Indonesia, USA, the Financial Stability Institute (FSI) and the IADI Secretariat in Basel, Switzerland are expected as resource persons.

He said the workshop would take place against the backdrop of the 20th Anniversary of IADI, established in May 2002 with the aim of sharing deposit insurance expertise with the world.

”As a deposit insurer and member of the financial safety net in Nigeria, NDIC is a  founding member of IADI, pioneer member of  its executive council and founding chairperson of the Africa Regional Committee (ARC).

”The hosting of the IADI-ARC TAW by the NDIC is a recognition of the Corporation’s  international standing and significant  achievements.

”It is also in recognition of the Corporation’s expertise in the implementation of the Deposit Insurance System in Africa.