Home Business NDIC Contributed to the Safety, Soundness of the Nigerian Banking System

NDIC Contributed to the Safety, Soundness of the Nigerian Banking System

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Sterling Bank Plc have praised the Nigeria Deposit Insurance Corporation (NDIC) for its immense contribution to the safety and soundness of the Nigerian banking system since its inception.

The Management of the bank expressed the opinion during a courtesy call and formal introduction of its new MD/CEO Mr. Abubakar Suleiman to the NDIC on Thursday, 18th January, 2018.

The outgoing Managing Director/Chief Executive Officer of the bank Mr. Yemi Adeola noted that in the entire financial system, the NDIC was renowned for the excellence of its Bank Examiners and the laudable reputation they acquired through the quality of their reports.

The Sterling Bank team was warmly received by the Managing Director/Chief Executive Officer (MD/CEO) of the NDIC Alh. Umaru Ibrahim along with the two (2) Executive Directors of the Corporation, Prince Aghatise Erediawa and Mrs. Lola Abiola-Edewor.

The outgoing MD/CEO informed the NDIC Management that the procedure for the selection of the new CEO of the bank was rigorous and ably handled by the reputable consulting firm KPMG.

While expressing the hope that the courtesy call would further strengthen the excellent relationship between the Bank and the Corporation, the Management of the bank also seized the opportunity to brief the Corporation on the future outlook of the Bank which includes the planned expansion of its Non-Interest Banking (NIB) window.

He informed the NDIC Management of the plan by Sterling Bank to apply for a license for a stand-alone NIB as soon as possible adding that the decision was informed by the feasibility studies conducted by the bank, judging from the potential Market and financial resources of customers expected to embrace NIB.

The meeting also provided a platform for the discussion of the prospects and opportunities in the Nigerian Banking system along with challenges.

In his response, the MD/CEO of the NDIC thanked the Management of Sterling Bank for the visit and promised to sustain the cordial relationship.

He expressed the hope for the appointment of capable hands into the banking system to improve the performance of the sector.

He also assured the incoming MD/CEO of Sterling Bank Plc. of his support to ensure the growth of the bank.

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