By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)- A pan African non-governmental organisation (NGO), African Peace and Development Initiative (APDI) on Tuesday commended the Nigeria Deposit Insurance Corporation (NDIC) for its commitment to stability financial system stability and safety in Nigeria and for standing out as one of the leading deposit insurers in the continent, a statement from the Corporation said.

Mike Femi, president of APDI gave this commendation while presenting the Africa’s Meritorious Service Award of the organisation to Umaru Ibrahim, managing director/chief executive officer (MD/CEO) of NDIC.

The APDI president said the commitment of the Corporation at keeping fate with its depositor protection mandate over the years and the various initiatives which it continued to bring to bear on the discharge of its mandate, particularly the recent Bridge Bank phenomenon had gone a long way in boosting confidence in the nation’s financial system.

‘’As a supervisor, it was heart-warming that NDIC had demonstrated overt transparency and professionalism in the conduct of its operation thereby serving as role model to other public institutions in Nigeria and the continent,’’ Femi said.

The NDIC chief represented by Ibrahim Tafida, director, internal audit at the Corporation in his acceptance speech said  that the deposit insure would continue to accord transparency, professionalism and diligence pride of place in the discharge of its mandate of deposit guarantee, banking supervision and failure resolution.

He affirmed the Bridge Bank model adopted in resolving the problems of the erstwhile Afribank Plc. BankPHB Plc. and Spring Bank Plc. and the formation of Mainstreet Bank, Keystone Bank and Enterprise Bank were to protect millions of deposits in the Banks and prevent the systemic repercussions of the banks’ failure on the entire financial system and save thousands.