Honourable Minister of State for Finance
Chairman, NDIC Board of Directors
Members, NDIC Board of Directors
Members of the Press
Distinguished Invited Guests
Ladies and Gentlemen
- It is a great pleasure that I welcome you to this ceremony of the commissioning of the Corporation’s Training Academy in Abuja. I wish in particular to express the appreciation of the entire Management and Staff of the NDIC to the Honourable Minister of State for Finance, our own Dr. Yerima L. Ngama for finding time out of his tight schedule to honour our invitation to commission the new NDIC Academy. I also wish to express our appreciation to the Chairman of the NDIC Board Ambassador Hassan Adamu, con, Wakilin Adamawa and the entire Board members for gracing this occasion with their presence. In particular I also wish to acknowledge the unwavering support and guidance of the entire members of the Board for making the Academy a reality.
- As you are aware, the Nigeria Deposit Insurance Corporation (NDIC) was established to insure the deposit liabilities of all licensed deposit taking financial institutions in Nigeria, to promote safe and sound banking practices and also engender depositor confidence in the financial services system. The Deposit Insurance Scheme (DIS) being implemented by NDIC was designed as a risk minimiser with broader mandates that include deposit guarantee, banking supervision, and distress resolution and bank liquidation.
- Over the years, the Corporation had effectively discharged its mandate of protecting depositors in deposit-taking institutions with minimal disruption to the financial system through a number of resolution measures thereby meaningfully contributing to financial system stability in Nigeria. In collaboration with other safety net participants, the Corporation had made remarkable contribution towards restoring confidence, stability and soundness to the Nigerian Banking system after the most recent crisis.
- In the cause of actualising its mandate, the Corporation has had to grapple with constraints and challenges posed by domestic as well as global financial trends in the financial services industry. With the dynamics in the industry and developments in the economy, the Corporation has continued to place great premium on staff training and development to ensure that its staff remain competent, professional and upright.
- With the current emphasis on risk-based banking supervision, the introduction of non-interest banking in Nigeria and the global concerns for the supervision and regulations of SIFIS and domestically important Banks, among others, the Corporation cannot afford to ignore the training and retraining of its staff to ensure, on a regular basis, adequate supply of highly skilled and professional staff that will enable it cope with the emerging supervisory challenges in the financial system.
- In an attempt to provide our staff and other personnel of related institutions in the financial services industry with the much needed professional skills to function efficiently and effectively, the Corporation thought it wise to establish a first class training academy located outside our office environment.
- Although the Corporation has always had an in house training school within its office building in Lagos, it has largely been unconducive due to the attendant disruptions to participants. The choice of the present location serene environment of Utako District, Abuja as the temporary location of the Academy is meant to mitigate such disruptions and allow for maximum concentration of all participants.
- The training programmes being conducted by the Academy are based on a revised and updated curricula designed to cater for both the technical and managerial competencies of the Staff. Hence we have two schools, that is, Management and Technical Schools.
Eminently, qualified resource persons would be drawn from both local and international institutions to facilitate. The commissioning of the Academy would lead to cost savings.
- Furthermore, the Academy will be equipped with state of the art teaching aids and plans are in place to install a digital library. The Academy we are commission today is temporarily rented pending when the Corporation develops the permanent sites of our training Academy in both Lagos and Abuja.
- I thank you for coming and wish you journey mercies back to your various destinations. God bless you!