The Nigerian Deposit Insurance Corporation and the Central Bank of Nigeria on Tuesday re-echoed the need for the chief executives of banks and other financial institutions to strengthen capacities and skills in the conduct of banking operations.

This, according to the Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, will enable the regulators of the financial sector to benchmark the operations of the institutions with international best practices.

Speaking at the opening ceremony of the meeting of the International Association of Deposit Insurers, Sanusi said the recent reforms in the banking industry had brought about critical areas of synergies among the regulators.

The IADI regional workshop with the theme, “Methodology for the assessment of compliance with the core principles of effective deposit insurance system,” was organised to discuss issues critical to the development of an effective deposit insurance system.

The CBN governor said, “The recent reforms initiatives, particularly in the banking industry, have brought up critical areas of synergies between the CBN, NDIC and other regulatory agencies in the financial system.

“Both regulators and operators in the Nigerian financial system have re-echoed the need to strengthen capacity development and skills enhancement in the conduct of banking and financial businesses. We must continue to benchmark to international best practices in the compliance to regulatory standards and principles.”

Also, the Managing Director, NDIC, Alhaji Umaru Ibrahim, said the workshop would provide the corporation with the opportunity to assess its level of compliance with the core principle of the deposit insurance system.

He added that since joining the IADI, the corporation had been able to identify the strengths and weaknesses of its deposit insurance system as well as taking remedial measures.

Ibrahim said the move had positioned the corporation as a key player in the reform agenda being implemented by the CBN.

Source: Punch/Ifeanyi Onuba