1. It gives me great pleasure to welcome you to our Two-Day Strategy Retreat that will consolidate the present gains and outline the future direction of the Corporation. You will recall that in the 2007 Strategy Retreat, we made “Raising the Bar” our theme. With the rapid changes and developments in the Nigerian Financial System, and indeed, the global financial meltdown experienced recently, it became more compelling for us to converge and assess our achievements and challenges. This informed the selection of the theme “Repositioning NDIC for Operational Excellence” for this Strategy Retreat.
2. You will recall that since the last retreat, the Corporation has undergone some transition. We have had a new Board of Directors, with a distinguished and respected Nigerian, Ambassador (Dr.) Hassan Adamu (CON), Wakili Adamawa, as the Chairman. The retirement of the then MD/CEO and Executive Director (Operations) left me with the onerous task of overseeing the daily operations of the Corporation. However, it is gratifying to note that with the commitment and support of the members of the Board of Directors and staff, we have been able to continue RAISING THE BAR by taking and implementing some landmark decisions.
3. Let me at this juncture remind ourselves that the effective implementation of strategies require the dedication and commitment of staff and the assurances of Management. The strategic objectives, targets and timelines set at the 2007 Strategy Retreat need to be reviewed. This Strategy Retreat therefore provides an opportunity for participants to discuss and brain storm on the emerging challenges arising from the dynamic operating environment. It is in the light of this that, for the first time, we have invited external stakeholders, especially the operators of the banking sector, to share their knowledge and experience with us.
4. Over the period, significant achievements have been made in areas such as the development of Enterprise Risk Management, implementation of Differential Premium Assessment System, Capacity Building in Risk-Based Supervision, deployment of a Performance Management System, enhanced Deb Recovery System and Increased Pay-out to both insured and insured depositors.
5. In spite of the achievements recorded in respect of the above, there is still more to be done.
6. Recent environmental scan report indicates that some of the major challenges confronting the Corporation include:
– Inadequate public awareness of the benefits and limitations of the DIS.
– Inadequate enforcement powers.
– Slow and cumbersome judicial process.
7. Herein lie the objectives of the 2010 Strategy Retreat, which include, to:
– Provide a forum for a cross section of the staff to collectively review the progress being made in the implementation of the 2007- 2009 Strategic Plan.
– Provide the right environment for brainstorming and reaching a common understanding of the Corporation’s emerging challenges/strategic issues and initiatives for dealing with them.
8. I wish to conclude by thanking the Chairman and all our Board members, our invited guests for sparing their time to attend this event and to assure you that at the end of this retreat, we will come up with new initiatives and fresh ideas on how to overcome our challenges and be repositioned to achieve our mandate so that we can contribute to the stability and development of the financial system of our dear country.
9. Thank you for your attention and I wish you happy yuletide and prosperous New Year ahead.
December 16, 2010