It is my pleasure to welcome you all to this important event. I want to specifically welcome Distinguished Senators and Members of the National Assembly for honouring our invitation. I also want to welcome members of the NDIC Board of Directors and appreciate their participation in this programme. This retreat, is an annual event and always forms part of the series of capacity building programmes organized for the NDIC board of directors. The Corporation is a strong believer in capacity building and knowledge sharing for building strong institutions and it attaches a lot of importance to the training of its human resources including its Board of Directors so as to equip them adequately in their task of formulating informed policies that would move the NDIC and the banking industry forward.
Distinguished ladies and gentlemen, you would agree with me that keeping track of recent developments in the country’s financial system and understanding the reasons for adopting certain policy measures at different points in time, would assist tremendously in shaping our collective judgments and improve our decision-making abilities for the betterment of the system. I am therefore positive that this retreat would greatly assist all participants, the Board of Directors and members of the National Assembly, in their critical function of oversight of the activities of the Corporation. In realization of this therefore, the choice of the theme of this retreat ‘Recent Developments in the Financial System’ was apt and intended at keeping the NDIC Board members and legislature abreast of happenings within the industry in order to enrich their knowledge.
Let me at this point state that the on-going banking sector reforms, for which the Corporation is part of, is aimed at building a safe and sound banking system that supports economic growth and development of our dear country. It is imperative to note therefore that since the time the CBN rolled out the reform programme, the banking system in Nigeria has started enjoying relative stability, as recently attested to by some major international credit rating agencies such as Moody’s and Standard & Poor’s. It therefore, becomes necessary for the participants at this retreat to deliberate on some of the issues and challenges arising from the implementation of the reform package with a view to coming out with ways of improving the system and processes involved.
Distinguished ladies and gentlemen, it is gratifying to note that facilitators with rich knowledge and wealth of experience from both the public and private sectors as well as from within and outside the country have been invited to make presentations at this retreat to ensure that participants derive maximum benefits. In all, a total of eleven (11) papers are to be presented on the following topics:
- Financial Inclusion as a catalyst for growth and development in Nigeria.
b. Financial Inclusion Policy Framework.
- Transformation of the payment system in Nigeria.
d. IFRS Adoption in Nigeria: The journey so far.
- IFRS Framework and its implementation in NDIC.
- Sustainable Banking Principles and Practices.
g. Adoption of Sustainable Banking Practice in Nigeria: The journey so far.
h. Issues and Developments in the Nigerian Capital Market: Government Bond Market.
- Issues and Developments in the Nigerian Capital Market: Corporate Bond Market.
- Highlights of areas of review of NDIC Act 16, 2006.
- MOU between CBN and NDIC on Supervision and Resolution of insured institutions.
Distinguished ladies and gentlemen, you would agree with me that just like our facilitators, the topics for presentation at this retreat were also carefully chosen in order to broaden our horizon in such areas as banking and the capital market so that at the end, the objective of organizing this retreat would be achieved.
Finally, I wish to express my profound appreciation to our resource persons for accepting to be part of this event and for always partnering with us towards entrenching a vibrant financial system for our great country.
I thank you for your attention and wish you fruitful deliberations.
Umaru Ibrahim mni, FCIB
Nigeria Deposit Insurance Corporation