The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, has reaffirmed the corporation’s commitment to strengthening its partnership with the Central Bank of Nigeria (CBN) to enhance financial system stability.
Speaking during a recent high-level meeting with CBN officials, Mr. Hassan expressed appreciation for the apex bank’s support—particularly in facilitating the collection of insurance premiums from insured institutions. However, he also highlighted lingering operational challenges that require joint resolution.
Among the key issues raised was the absence of a unique identifier for corporate account holders, such as the Bank Verification Number (BVN), which currently exists only for individuals. He also pointed to difficulties in collecting premiums from institutions without accounts domiciled at the CBN, calling for enhanced collaboration to bridge these gaps.
Mr. Hassan advocated for a stronger synergy between both institutions, proposing the development of a joint crisis preparedness framework to improve crisis management and systemic response across the banking sector.
In response, Rita Sike, Director of Financial Policy and Regulation at the CBN, welcomed the proposal and noted that such a framework could be advanced through the Financial Services Regulation Coordinating Committee (FSRCC)—the inter-agency platform for regulatory cooperation. She also revealed that the apex bank is upgrading its Credit Risk Management System (CRMS) to incorporate the Global Standing Instruction (GSI), which would streamline the onboarding of Other Financial Institutions (OFIs) into the risk management ecosystem.
CBN Governor, Mr. Olayemi Cardoso, also addressed the gathering, congratulating the newly appointed NDIC Managing Director and the Executive Director of Operations, Mr. Kabir Katata. He lauded the initiative to deepen cooperation, calling the meeting both timely and symbolic of shared strategic intent.
“Our meeting today is a clear testament to our willingness to work together. The CBN counts on NDIC’s support as we navigate the uncertain times ahead,” Cardoso said.
He further reflected on the lessons learned over the past two years, emphasizing the importance of proactive governance and the use of modern regulatory tools to safeguard financial system stability and sustain public confidence in Nigeria’s banking industry.
Also in attendance from the NDIC were Yakubu Shehu, Director of Human Resources; Olufemi Kushimo, Director of the Legal Department; and Regina Dimlong, Assistant Director, Communications & Public Affairs.
The CBN delegation included Rita Sike, Nnadi Maduka from the Corporate Communications Department, and Salamatu Jubril-Adeniji of the Compliance Department.
