It is with pleasure and delight to be with you at the NDIC 2010 Strategy Retreat. As you know, the Retreat is designed to help the Corporation come up with an appropriate Strategic Plan that will guide its operations over the next five years. The overall objective is to ensure we have a robust Deposit Insurance System in Nigeria.
2.0 Distinguished Ladies and Gentlemen, over the years the Corporation has held series of workshops, seminars and retreats in its efforts to chart strategic direction towards the effective discharge of its mandate. The last effort in this direction was the 2-Day Strategy Retreat in 2007 which resulted in the 2007-2009 Strategic Plan.
3.0 This Retreat is aimed at reviewing the extent of implementation of the earlier Plan and exploring fresh strategies required by the Corporation to address emerging challenges facing the Nigerian financial system.
4.0 Distinguished audience, I am happy to inform you that in response to the developments in the Nigerian financial services industry and the global economy, the NDIC had taken some initiatives to enhance its relevance as a critical component of the financial safety-net. In particular, the DIS coverage levels were recently increased from N200,000 and N100,000 to N500,000 and N200,000 for deposit money banks and microfinance banks/primary mortgage institutions, respectively. The increase was based on the dynamics of the industry and also to address the public concern for increase in the coverage levels and ultimately enhancing the confidence of the public in the financial system. The new increase took effect from November 2010. Furthermore, the Corporation is considering the possibility of reducing the deposit insurance premium payment burden of the banking industry following the establishment of the Financial Stability Fund in which N1.5 trillion would be contributed over the next 10 years by both the banks and the CBN. The anticipated reduction in premium rate would serve as the contribution of the NDIC to the initiative.
5.0 It is based on the foregoing that I commend the efforts of the Retreat Organizing Committee for devoting a whole day to technical sessions. I expect the various Syndicate groups to brainstorm on the emerging strategic issues and articulate initiatives and strategies for moving the Corporation to another level.
6.0 The involvement of staff in the strategic thinking process is to ensure they understand, appreciate, internalize and own the plan, which would facilitate its effective and diligent implementation. Please ensure fruitful deliberations to achieve success of the Retreat.
7.0 It is my sincere hope that the performance of the Corporation will be improved upon in the succeeding years as we brace up for the challenges ahead.
8.0 Finally, I welcome you all to this important event and wish you fruitful deliberations.
Nigeria Deposit Insurance Corporation