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ICAN Lauds NDIC In Promoting Financial System Stability

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The Institute of Chartered Accountants of Nigeria (ICAN), has commended the Nigeria Deposit Insurance Corporation (NDIC) for its continuous compliance to the highest standards of integrity and transparency.

The compliance is critical to the success of the commission’s operations in safeguarding depositors’ funds and ensuring the stability of the financial system.

A statement signed by the Acting Head, Communication & Public Affairs, NDIC, Hawwau Gambo and made available to Channel Network Afrique, CNA indicates that the ICAN President, Chief Davidson Chizuoke Alaribe made the remarks when the institute’s Governing Council paid a courtesy visit to the NDIC Management in Abuja.

Chief Alaribe said, the NDIC has been recognised as a formidable organisation due to its commitment to compliance with standards of corporate governance, zero-tolerance for corruption and effective internal controls.

He added that the Corporation’s commitment has been recognized by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which awarded NDIC the top position in its 2023 Ethics and Integrity Compliance Scorecard (EICS).

While underscoring the relationship between his Institute and NDIC, Chief Alaribe disclosed that ICAN has also established the its Accountability Index to promote integrity in key sectors of the economy, focusing on budget, credibility, asset and debt management.

Speaking, the Managing Director, NDIC, Mr. Bello Hassan who is a Fellow of the Institute, congratulated Chief Alaribe on his appointment as the 60th President of ICAN.

Describing ICAN as a strategic stakeholder of the Corporation, the NDIC boss reiterated the need for the Institute to ensure its members uphold the highest values of integrity and professionalism in the discharge of their duties as auditors, as NDIC and the Central Bank of Nigeria (CBN) continue to rely on their work as external auditors in their risk-based supervision of banks.

Reflecting on his earlier call for stronger collaboration with ICAN, the NDIC MD stressed the need for the introduction of Deposit Insurance module in the curriculum of ICAN examinations.

He emphasised that the initiative is essential to enhance understanding of the Deposit Insurance Scheme among ICAN members, who represent a significant portion of potential bankers and bank examiners.

Hassan restated the Management’s commitment towards strengthening the partnership between ICAN and the Corporation in contributing to the stability of the banking sector and the nation’s financial system as a whole.

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