NDIC gets commendation for ensuring safety, soundness of Nigerian Banking system

By Joseph INOKOTONG
Sterling Bank Plc has commended the Nigeria Deposit Insurance Corporation (NDIC) for its immense contribution to the safety and soundness of the Nigerian banking system since its inception.
The Management of the bank gave the commendation during a courtesy call and formal introduction of its new MD/CEO Mr. Abubakar Suleiman to the NDIC, last week.
The outgoing Managing Director/Chief Executive Officer of the bank, Mr. Yemi Adeola noted that in the entire financial system, the NDIC was renowned for the excellence of its Bank Examiners and the laudable reputation they earned through the quality of their reports.
The Sterling Bank team was received by the Managing Director/Chief Executive Officer (MD/CEO) of the NDIC Alh. Umaru Ibrahim along with the two Executive Directors of the Corporation, Prince Aghatise Erediawa and Mrs. Lola Abiola-Edewor.
A statement from the NDIC said the outgoing MD/CEO informed the Corporation’s Management that the procedure for the selection of the new CEO of the bank was rigorous and ably handled by reputable consulting firm, KPMG.
While expressing the hope that the courtesy call would further strengthen the excellent relationship between the Bank and the Corporation, the Management of the bank also seized the opportunity to brief the NDIC on the outlook of the Bank which includes the planned expansion of its Non-Interest Banking (NIB) window.
He informed the NDIC Management of plan by Sterling Bank to apply for a license for a stand-alone NIB as soon as possible, adding that the decision was informed by the feasibility studies conducted by the bank, judging from the potential market and financial resources of customers expected to embrace NIB.
The meeting also provided a platform to discuss the prospects and opportunities in the Nigerian Banking system along with its challenges.
In his response, the MD/CEO of the NDIC thanked the Management of Sterling Bank for the visit and promised to sustain the cordial relationship.
He expressed the hope that the appointment of capable hands into the banking system would improve the performance of the sector, and also assured the incoming MD/CEO of Sterling Bank Plc. of his support in ensuring the growth of the bank.