18th April, 2018
The Office of Technical Assistance (OTA) of the United States Department of Treasury, has commended the Nigeria Deposit Insurance Corporation (NDIC) on the establishment of a world class academy.
Mr Philip Morris, the Regional Adviser of the U.S. Treasury, said this in a statement issued by Mohammed Ibrahim, Head, Communication and Public Affairs, NDIC on Tuesday in Abuja.
Ibrahim said Morris made the commendation during a meeting between the NDIC management and delegates from OTA.
According to Morris, the meeting is aimed at exploring areas of collaboration toward the enhancement of training needs of the academy.
Morris said the academy served as a reference point for capacity building on Deposit Insurance System (DIS) for the African Continent.
He added that NDIC’s reputation in the international community had been acknowledged by the International Association of Deposit Insurers (IADI).
According to him, several African countries now count on the academy to build the capacity of members of their staff.
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Morris, however, expressed confidence that OTA’s collaboration would further strengthen the academy’s efforts toward achieving its vision of becoming the model Deposit Insurance Training Institute in Africa and the Asia regions by 2020.
The Managing Director of NDIC, Mr Umaru Ibrahim, described the visit as a crucial step toward enhancing service delivery in the operations of the corporation to address present challenges in the banking sector.
He expressed optimism that OTA would collaborate with the corporation in the areas of contingency planning and simulation for bank crisis.
“This would include failure resolution strategies such as the Purchase and Assumption and bridge bank options already explored by the Corporation,” he said.
He also lauded the present efforts of the OTA to contribute to the development of expertise on curriculum development, course design, delivery and evaluation for NDIC academy.
The statement recalled that before this initiative, NDIC had previously collaborated with OTA on capacity building for the implementation of the International Financial Reporting Standard (IFRS), Risk Based Supervision (RBS) and Enterprise Risk Management (ERM).
Under the agreement, 200 members of staff of the corporation, of which eight were already considered subject matter experts on the topic, were trained on the IFRS.
Another 147 were trained on RBS, while 21 others also benefitted from capacity building on ERM.