1.0 It is my honour and privilege to formally welcome you all to this interactive induction session. I believe that this programme, the second of its type in the history of the NDIC, is appropriate and timely in the light of recent developments in the Nigerian financial system, particularly the banking industry. Let me indicate at this juncture that the on-going banking sector reform seeks to foster the emergence of a sound banking system that would be able to support sustainable economic growth and development.
2.0 As we are aware, deposit insurance is an integral part of financial safety-net which is designed to protect depositors and promote financial and social order. It is generally recognized that a sound financial system requires sound governance practices by all stakeholders, that is, market participants and their regulators/supervisors. It is therefore no surprise that both the International Monetary Fund (IMF) and the World Bank, in their annual Financial Sector Assessment Programme (FSAP), have shown keen interest in the governance practices of regulatory and supervisory agencies and the extent of compliance with international best practices. In that regard, the NDIC in 2000, endorsed the IMF Code of Good Practices on Transparency in Monetary and Financial Policies.
3.0 Simply put, regulatory governance refers to the governance practices of those agencies that perform oversight roles. Regulatory governance focuses on the capacity of an agency to manage resources efficiently and to formulate, implement and enforce sound policies and regulations. Therefore, sound regulatory governance practices enhance the credibility and moral authority of the regulatory agencies.
4.0 The foregoing has informed the organization of this retreat as part of the capacity building activities lined up for the Board in 2012. The theme of this year’s retreat is: “Enhancing the Corporation’s Effectiveness in the Discharge of its Mandate”. The main objective of the retreat is to reinforce the capacity of the Board members in their critical function of formulating necessary policies and strategies with a view to enhancing the effectiveness of the Corporation in the discharge of its mandate.
5.0 To ensure maximum benefits of the retreat, high calibre facilitators in the banking industry have been invited from within and outside the country to make presentations. They include: the Deputy Governor of the Central Bank of Nigeria (CBN), Group Managing Director/CEO of First Bank Nigeria Plc, Managing Director/CEO of Access Banks Plc, Managing Director of Augusto & Co, Managing Partners of KPMG and PWC, and Ms Angela Adeboye of Roland Berger. Others are from the Federal Deposit Insurance Corporation (FDIC) and the World Bank, both from Washington DC, in order to tap from their expertise and wealth of experience on the theme of the retreat. The legislature has also not been left out, as both the Chairmen and Deputy Chairmen of the Senate and House of Representatives Committees overseeing the activities of the financial system have been invited to the retreat, so as to enhance their oversight function.
6.0 A total of 9 papers are to be presented at the retreat on the following topics:
•· SWOT analysis of the Nigerian Banking industry and its implications for the DIS by Mrs. Vivian Shobo, (MD, Augusto & Co. Ltd)
•· Future of banking in Nigeria: Operators perspective by Mr Stephen Bisi Onasonye, (GMD, First Bank of Nigeria Plc)
•· Sustainable banking in Nigeria by Mr Aigbije Aig-Imoukuede, (MD/CEO, Access Bank Nigeria Ltd)
•· Failure resolution: The role of deposit insurance by Ms. Claire Mcguire (World Bank)
•· Compliance with core principles for effective deposit insurance systems by by Mr. Vijay Deshpande (Federal Deposit Insurance Corporation)
•· Issues in financial inclusion in Nigeria (Cashless payment system) by Mr. Tunde Lemo, (Deputy Governor, Central Bank of Nigeria)
•· Issues in financial inclusion in Nigeria by Ms. Angela Adeboye, (Roland Berger)
•· Recent developments in Corporate Governance by Mr. Kunle Elebute (Partner, KPMG)
•· What makes an effective board by Mr Ken Igbokwe, (Managing Partner, KPMG)
7.0 In conclusion, I wish to express our sincere appreciation to all our resource persons who were very carefully selected based on their immense experience and shared concern about the safety, soundness and stability of our financial system, especially in these trying moments of our economic transformation.
8.0 With these brief remarks, Mr. Chairman and distinguished members of the Board, I once more, welcome you to this retreat.
9.0 Thank you for your attention.
Nigeria Deposit Insurance Corporation