ICAN Tasks NDIC on Safety of Depositors’ Funds – The president of the Institute of Chartered Accountants of Nigeria (ICAN), Mrs Comfort Eyitayo, has charged the Nigeria Deposit Insurance Corporation (NDIC) to ensure it constantly reassures depositors of the safety of their funds in financial institutions.
Mrs Eyitayo made this call when she led her team to the office of the Managing Director/Chief Executive Officer of NDIC, Mr Bello Hassan, in Abuja.
She said this was necessary as it would boost the confidence of depositors in the nation’s financial system, which will also send a positive signal to foreign investors on the financial stability of the country.
During the visit, the ICAN boss acknowledged the invaluable contributions of the NDIC in stabilising the financial system in Nigeria.
She expressed the commitment of the institute towards the continued partnership with the corporation to achieve greater awareness of the deposit insurance system amongst members of the institute.
In his remarks, the MD of NDIC congratulated Mrs Eyitayo on her assumption of office as the 57th ICAN president, urging her to ensure that chartered accountants continue to uphold the ideals of accuracy and integrity as enshrined in the institution’s motto. He assured the institute of the corporation’s continued support and collaboration.
He also called on the organisation to include a course on the deposit insurance system (DIS) into its programs and modules to deepen the understanding of the scheme within the banking public.
According to Mr Hassan, this would help to bridge the knowledge gap and address misconceptions on the benefits and limitations of the DIS, particularly its contributions to financial system stability.
He noted that public awareness was a critical factor towards ensuring the maximum impact and penetration of the benefits of the DIS on the general public and the financial system as a whole.
Mr Hassan said that partnership with ICAN and other stakeholders to promote public awareness of the DIS had become necessary in view of the novel nature of the scheme in Nigeria and the world at large, adding that the corporation would continue to place a premium on collaboration with its strategic stakeholder in the overall discharge of its mandate.
