The Nigerian Deposit Insurance Corporation, NDIC, has said that the delay in banks’ liquidation process would become a thing of the past when its laws are finally reviewed. An Executive Director in NDIC, Mr Aghatise Erediauwa, stated this yesterday at the annual workshop by the corporation for Finance Correspondents Association of Nigeria, FICAN and Business Editors in Uyo, Akwa Ibom State. According to Erediauwa, the laws of the corporation will soon be reviewed to stop individuals and groups from delaying the liquidation process of banks by resorting to the court. The NDIC director expressed regret that liquidation process of some banks had not been concluded long after their liquidation because some interest groups went to court to frustrate the process He said that shareholders had no justification to delay a bank’s liquidation process because they had less than five per cent stake in any bank. The NDIC executive said that the corporation was working to be one of the top 10 deposit insurance agencies in the world and this required strict compliance with international benchmarks. Erediauwa said that the NDIC and the CBN were working to promote financial inclusion through mobile banking, adding that the NDIC was taking initiatives to insure mobile banking transactions. He said that the role of the corporation was evolving over-time and was essential to re-brand the organisation in line with current activities and strategic thrust. Meanwhile the re-branded NDIC anchored on dedication, fairness and transparency was unveiled to the public with a stern warning to staff to align with corporation’s tenets or be shown the way out. Speaking yesterday at the opening of the three-day workshop a Brand Consultant, Message Wise, Ms. Mattou Tsotetse described the occasion which involves changing from old corporate identity to a new one as the beginning of a new dawn. She said the re-branding exercise which was a subject of rigorous research has produced a new corporate brand, complete with refreshed brand values that will move the corporation forward. Tsotetse, however, warned staff that the board will not be hesitant dropping any that refuses to align with the tenets of dedication, transparency, fairness and commitment to duty. She noted that, the aspiration to attain FSS 2020 can’t be achieved in the absence of a virile banking system, adding that the corporation will do its best to uphold best practices in the banking sector. “We are aware there are perceptions amongst stakeholders about NDIC that are not accurate. Our brand strategy is about combating those perceptions with the real information. Similarly, there are also many positive perceptions about NDIC, and our new brand aims to build upon them. “In truth, the need to rebrand did not just arise from changing perceptions; it began first and foremost with the request for enhanced service delivery”, she said. According to NDIC “we will have more committed staff, enhanced service delivery, transparency honesty and fairness”. “These are part of our culture and values. So we will continue to drive this so that we continue to be relevant and helpful to the enhancement of financial stability in general and stability of banking system in particular”, she added.
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