It gives me great pleasure to welcome you all to this Induction Programme which is our very special way of welcoming you into the NDIC Family. The recruitment process was thorough and rigorous with thousands participating, but you are the lucky few that have been selected. Let me use this opportunity to congratulate you all for this feat especially at this time when there is crunch in employment in our economy and the world over as a result of the global financial crisis. Our goal in NDIC, is to change lives by empowering people to fully utilize their talents and abilities to realize their aspirations and their dreams, but more importantly, to believe in themselves.
To realize this dream however, requires hard work and dedication. We believe in the saying, “that to whom much is given, much is expected”. Your job schedules will be demanding. Your superior officers will work you hard, hold you personally responsible for the work and they will care personally about the progress you make. On the other hand, we can say without equivocation that NDIC’s remuneration structure is competitive within the context of the Financial Industry and the Public Service in general.
We consider Induction course as a good beginning for our new employees regardless of whether they are experienced or not. The concern of new comers to an organization should be to know more about their new work place and integrate quickly into the work force.
Without prejudice to the subjects of discussion, the basic training you will undergo in this short program will expose you to the mandate, corporate culture, the corporate strategy, work ethics and safety concerns. In addition, some elements of professional training will be brought in to expose you to the core functions of the Corporation. On the Corporation’s profile, Heads of Departments and Units will be with you in these two weeks to acquaint you with the work processes of their various departments and units. In addition, we have invited top quality facilitators from various fields with their expertise and experience.
NDIC was established by Act No. 22 of 1988. That Act was amended in 1997 and in 2006, it was repealed and replaced by the NDIC ACT, 2006. NDIC’s primary functions and core mandates which you should be exposed to in this course are sensitive and challenging. In view of the continuous developments in our economy and the global financial system, the policies guiding the operations of the organization shall continue to be responsive to the emerging challenges. For example, until the enactment of the present Act, the maximum insured deposit payable to a depositor in the event of bank failure had been N50,000.00 since 1988 which we considered unrealistic in view of the structure of deposits of insured institutions and the current economic dispensation. The new Act increased that payable limit to N200,000.00. That relevant Section of the New Act has also been amended as the maximum Deposit Insurance coverage currently stands at N500,000.00 for licensed banks and N200,000.00 for Micro Finance Banks and Primary Mortgage Institutions. The new Act has also cleared some ambiguities which characterized the earlier Act and has given the Corporation some enforcement powers relevant in carrying out its mandate.
By the relevant Act, NDIC was established primarily with the responsibility of:
•Ø Insuring all deposit liabilities of licensed banks and such other deposit taking financial institutions operating in Nigeria within the meaning of sections 16 and 20 of the enabling Act so as to engender confidence in the Nigerian banking system.
•Ø Giving assistance to insured institutions in the interest of depositors in case of imminent or actual financial difficulties particularly where suspension of payments is threatened to avoid damage to public confidence in the banking system.
•Ø Guaranteeing payments to depositors in case of imminent or actual suspension of payments by insured institutions up to the maximum amount as provided for in Section 20 of this Act.
•Ø Assisting monetary authorities in the formulation and implementation of banking policy so as to ensure sound banking practice and fair competition among insured institutions in the country; and
•Ø Pursuing any other measure necessary to achieve the functions of the Corporation provided such measures and actions are not repugnant to the objects of the Corporation.
The posture of the organization in carrying out this responsibility is risk minimization. On the basis of its responsibility; its core mandate includes:
The Board and Management of the Corporation continue to design, review and implement policies that enshrine good corporate governance in our activities. It is our belief that it is only by such good governance that we can be pursuing our Corporate Vision and Mission. The Corporation’s Mandate, Vision and Mission will be treated in more detail in a separate presentation.
Though we have continued to face challenges in implementing risk based supervision, consolidated supervision, supervision of capital market activities and others in our day to day operations, we remain optimistic in the pursuit of our mandate because of the core values and beliefs we have built so far. Our organization has continually been commended by our stakeholders on the following values:
•Respect and Fairness
I do hope therefore that you are coming to join us to continue to strengthen these values and beliefs which are the driving force in our day to day operation while contributing meaningfully to the goals and objective of the Corporation.
On this note, on behalf of the Board and Management of the Corporation, it is indeed my pleasure to declare this programme open as I welcome you to the NDIC family.