Joint bank examination team from the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC), has the ability to detect ailing banks at least six months before it becomes public knowledge.
NDIC Director, Bank Examination Department, Adedapo Adeleke, said both regulators have been conducting Joint Risk Based Examination of banks since 2009.
Adeleke, who spoke at the 2016 conference for financial journalists in Kaduna, said banks are as healthy as the economic environment in which they operate, saying that no lender can withstand a run from their customers.
He stressed the need to always safeguard sensitive information on the health of banks.
Adeleke insisted that no bank can withstand protracted macro-economic stress without some impact, adding that strong risk management practices can only delay the transmission of stress.
He said: “There is no system that is immune to crisis. Banks are businesses and fail all over the world despite banking supervision. If you run a bank badly, it will fail. Banks are like hospitals, people will die. Supervision keeps the banks alert to ensure they do not take excessive risks”.
According to him, it was wrong to assume that one bank would be in crisis simply because its competitor is having liquidity problems.
“Don’t say that because Bank ‘A’ is in crisis, another is also in crisis. Banks differ in terms of balance sheet and other factors,” he added.
The NDIC Director who spoke on the theme: ‘Refocusing Banking Supervision in Nigeria in an Era of Economic Recession’ said that the challenges being faced by the economy was due to drastic drop in prices of crude oil.
He said that the financial sector remained a major driver of economic growth and development. It occupies a central position in the economic development process of any economy it assists in promoting accelerated economic growth through the process of financial intermediation.
“For that reasons, strategic elements of Supervisory Approaches and Tools are deliberately designed to be forward looking to reduce the impact of unfavourable economic cycle on the health of individual bank and the financial system,” he said.
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