ICAN Lauds NDIC’s Integrity, Transparency, and Professionalism in Strengthening Nigeria’s Financial Stability

In a remarkable show of support and recognition, the President of the Institute of Chartered Accountants of Nigeria (ICAN), Chief Davidson Chizuoke S. Alaribe, has commended the Nigeria Deposit Insurance Corporation (NDIC) for its unwavering commitment to integrity, transparency, and professionalism. This commendation was made during a courtesy visit by the ICAN Governing Council to the NDIC Management in Abuja.

Chief Alaribe lauded NDIC’s adherence to the highest standards of corporate governance, which has positioned it as a trusted organization in safeguarding depositors’ funds and ensuring financial system stability. “The NDIC’s zero-tolerance for corruption and robust internal controls have not only ensured its operational success but have also earned it the top position in the 2023 Ethics and Integrity Compliance Scorecard (EICS) by the Independent Corrupt Practices and Other Related Offences Commission (ICPC),” he stated.

The ICAN-NDIC Partnership:
Highlighting the synergy between ICAN and NDIC, Chief Alaribe shared insights into the Institute’s initiatives, including the ICAN Accountability Index. This index promotes integrity in critical sectors of the economy by focusing on budget credibility, asset management, and debt oversight—key areas aligned with NDIC’s mission to maintain financial stability.

NDIC’s Response and Vision:
In his remarks, the Managing Director and Chief Executive Officer of NDIC, Mr. Bello Hassan, congratulated Chief Alaribe on his appointment as ICAN’s 60th President. As a Fellow of ICAN himself, Hassan emphasized the Corporation’s reliance on ICAN members in their roles as auditors and professionals supporting the Central Bank of Nigeria (CBN) in risk-based supervision of banks.

He reiterated the need for ICAN members to maintain the highest standards of integrity and professionalism, as their work plays a crucial role in safeguarding the banking sector. Hassan further called for the introduction of a Deposit Insurance module in ICAN’s curriculum, noting that this would enhance the understanding of the Deposit Insurance Scheme among accountants and auditors, many of whom will serve as future bankers and bank examiners.

The commendation by ICAN underscores the pivotal role NDIC plays in ensuring Nigeria’s financial system remains stable and trustworthy. The Corporation’s exemplary corporate governance and transparent practices not only bolster depositor confidence but also set a benchmark for public sector institutions.

Equally, the collaboration between ICAN and NDIC reflects the importance of strategic partnerships in achieving financial sector resilience. Initiatives like the proposed Deposit Insurance module highlight the forward-thinking approach needed to equip professionals with the tools to navigate an evolving financial landscape.

As Nigeria continues its journey toward economic transformation, institutions like NDIC and ICAN remain at the forefront, driving accountability, professionalism, and financial stability. Their collective efforts serve as a beacon of hope for a robust and secure financial future.

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