Need to step up efforts towards
developing a more transparent
and rigorous selection system for
independent Directors in banks
as well as strengthening their
capacity through continuous
training focused on international
best practices, excellence in
management and service delivery,
environmental sustainability
and inclusive growth was part
of recommendations provided
by the Managing Director/Chief
Executive of Nigeria Deposit
Insurance Corporation (NDIC),
Umaru Ibrahim as the critical role
the Institute of Directors (IoD) could
play towards addressing the poor
corporate governance practices that
have posed a significant risk to the
safety and stability of the Nigerian
banking sector.
Head, Communication & Public
Affairs NDIC Mohammed Kudu
Ibrahim Ibrahim said that Alhaji
Umaru made the remarks while
receiving the Members of the
Governing Council of the IoD lead
by the Chairman and President,
Alhaji Rufai Ahmed Mohammed,
who were on a courtesy visit to the
Corporation.
Umaru indicated that the issue
of corporate governance was still
central to the public discourse in
Nigeria since the 2009 banking
crisis when the joint Central Bank
of Nigeria CBN and NDIC Joint
Special Examination of the 24 banks
in the system exposed the subject as
one of the fundamental flaws of the
nation’s banking system.
He added that this would not only
contribute towards better quality of
corporate governance but also build
a solid foundation of businesses.
In conclusion, the MD/CEO
of the NDIC assured the IoD of
the Corporation’s readiness to
partner with the institute. He also
advised the IoD to collaborate with
the CBN, Financial Institutions
Training Centre FITC, the Society
for Corporate Governance SCG, and
the Chartered Institute of Bankers
CIBN in promoting capacity
building for Independent Directors
especially of banks.
He expressed the desire to also
collaborate with the Institute
towards building capacity of the
Corporation’s Management most
of who were engaged in bank
examination in order to appreciate
the dynamics of board performance.
Earlier in his remarks the
President of the IoD Governing
Council, Alh. Mohammed said
the courtesy visit was part of the
Council’s initiative to promote
collaboration and synergy with
key institutions through effective
interaction and advocacy. He also
congratulated the NDIC for its
contribution to the stability of the
Nigerian banking system.

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