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Our policies’ll make post-COVID-19 Nigerian banks resilient – NDIC

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REGULATORY policies of the federal government have continued to make Nigerian banks resilient by being safe, stable and sound in spite of COVID-19.

  Managing Director and Chief Executive Officer of Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan made the assertion while speaking in the 2022 NDIC retreat for members of House Of Representatives Committee on Insurance and Actuarial Matters in Lagos, yesterday.

  Explaining that the contribution of the NDIC to financial stability and resilience, should be examined within the context of its activities in the discharge of its mandate of deposit guarantee, bank supervision, distress resolution, and bank liquidation, Hassan said it was also instructive to indicate that NDIC was keenly involved in ensuring adherence to corporate governance principles in the banks.

  “A resilient financial system has the capacity to respond to a range of shocks. The macroeconomic shock and stress brought about by COVID-19 is unprecedented. It has been recognised as the ultimate test of resilience so far to financial systems. As evidenced by the financial soundness indicators, Nigerian banks have remained resilient, by being safe, stable and sound in spite of the challenges posed by the COVID-19 pandemic. This success was due largely to the proactive policies and support of the regulatory authorities,” he said.

  It will be recalled that the retreat was held under the theme: Deposit insurance in Nigeria – restrategising for tomorrow.

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