ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Tuesday, May 24, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Central Bank, NDIC committed to strengthen financial sector operators

Sanusi Lamido

Central Bank, NDIC committed to strengthen financial sector operators

byPremium Times
December 13, 2011
2 min read

The Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido, has said that the apex bank is committed to raising the capacity of financial sector regulators to withstand any shocks to the system.

Mr Sanusi said at a workshop organized by International Association of Deposit Insurers (IADI) in conjunction with the Nigeria Deposit Insurance Corporation (NDIC) today in Abuja that all the chief executives of financial institutions and regulators in the country have seen the need to enhance the skills of operators in the banking industry and financial businesses.

“We must continue to benchmark to international best practices in the compliance to regulatory standards and principles. The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Deposit Insurance Corporation (NDIC) and other stakeholders in the financial sector, have embarked on several reform initiatives to strengthen the regulatory framework of the Nigeria financial system,” Mr Sanusi.

He expressed optimism that the workshop would provide the platform for the acquisition of necessary analytical skills and tools for effective appraisal and assessment of performance indicators, adding that there were several core principles for an effective deposit insurance system that IADA member countries should pay attention to.

NDIC Managing Director, Umaru Ibrahim, had said that Nigeria was the first African country to implement the IADI assessment methodology and participants would assess NDIC’s level of compliance, pointing out that this underscored the benefit of the workshop to, among others, provide the corporation the opportunity to assess its level of compliance with the core principles as wells as serving as a tool for implementing, reviewing or actively reforming its deposit insurance system.

“The corporation being the first African country to implement the assessment mythology clearly indicates and confirms that the corporation is an important member of IADA and a key player in the Nigerian financial safety net arrangement,” he said.

The IADI assessment of the Nigerian Deposit Insurance System (DIS) is an international certification to ensure compliance to the minimum core principles and a benchmark for assessing the effectiveness of the system,  to provide the basis for the establishment of a new system in countries where none exists.

Giving a background of the establishment of IADI, the NDIC boss said that it started in 2006 when the Basel Committee on Banking Supervision (BCBS) realized that an effective deposit insurance system could contribute to financial system stability.

“IADI initiated the drafting of the Core Principles in 2007, and by June 2009, collaborated with BCBS and the European Forum of Deposit Insurance (EDFI) to develop and issue the Core Principles. In December 2009, the International Monetary Fund (IMF), the World Bank, European Commission joined IADI, BCBS and EFDI to set up a steering committee, to develop a robust methodology for the assessment of compliance with the core principles. By December 2010, final assessment methodology was submitted to the Financial Stability Board (FSB), with a request to consider, among other things, the core principles in the compendium of key international standards for Sound Financial Systems,” he said.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

WATCH: Governor Yahaya Bello's Roadmap to Hope 2023

CITIZEN-FM AD


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: Why women cheat: what every Nigerian man should know







PT Mag Campaign AD

Previous Post

FEC to deliberate on White Paper on Boko Haram Wednesday

Next Post

ECOWAS forges ahead with Sealink project

Premium Times

Premium Times

More News

Central Bank of Nigeria on the need for a Trade Remedies Legislation

Be realistic on interest rate decision, analysts tell CBN

May 23, 2022
NGX trading floor

Nigerian stocks extend slide as profit-taking deepens

May 23, 2022
Man on the phone [Photo: TechQuery]

With new healthcare charge, Nigeria’s phone call tax up 300% in three years

May 23, 2022
National Bureau of Statistics (NBS)

Nigeria’s GDP slows in 2022 first quarter over previous quarter

May 23, 2022
A phone call model used to illustrate the story

Nigerian govt sets up new phone call tax

May 23, 2022
A collage of UBA, Learn Africa and Presco Company logos

Presco, Learn Africa, UBA top stocks to watch this week

May 23, 2022
Next Post
ECOWAS forges ahead with Sealink project

ECOWAS forges ahead with Sealink project

Jonathan jacks up recurrent expenditure by N82 billion

Jonathan jacks up recurrent expenditure by N82 billion

Leave Comment

Search

AUN-PT Ad





Transport-Technology


Stanbic Ad


Access Bank Ad





Glo Ad


Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,845,797 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • Dubawa
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.