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    Role of deposit insurance on focus as NDIC hosts African peers in Abuja

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    By Tony Obiechina, Abuja

    The Nigeria Deposit Insurance Corporation (NDIC) is scheduled to host a regional workshop of African Deposit Insurance Agencies in Abuja from 4th to 7th October, 2022.

    In a statement by the NDIC Director of Communications and Public Affairs Department, Mr Bashir A. Nuhu in Abuja on Sunday, the event will bring together leaders of African Deposit Insurance Agencies to share knowledge and expertise on how to strengthen the implementation of deposit insurance systems on the African Continent.

    The workshop which is scheduled to take place between the 4th and 7th of October 2022, is a Technical Assistance Workshop (TAW) under the auspices of the African Regional Committee (ARC) of the International Association of Deposit Insurers (IADI).

    According the statement, the workshop with the theme “Normality in Turbulent Periods: The Stabilising Role of Deposit Insurance”, will explore issues such as the role of deposit insurance in early detection and timely intervention in resolving bank failures as well as crisis management and strengthening operational resilience of deposit insurance agencies.

    Deposit Insurance organisations from more than 15 African countries including Angola, Botswana, Burundi, Ghana, Kenya, Senegal, Somaliland, Sudan, Tanzania, Uganda and Zimbabwe are expected to attend. Representatives of Deposit Insurance Agencies from Chinese Taipei, Kenya, Indonesia, United States of America as well as the Financial Stability Institute (FSI) and the IADI Secretariat both in Basel, Switzerland are expected to form part of the resource persons and panellists at the Workshop.

    The workshop is holding against the backdrop of the 20th Anniversary of IADI which was established in May 2002 with a mission to share deposit insurance expertise with the world.

    As a deposit insurer and member of the financial safety net in Nigeria, the NDIC is a founding member of IADI, pioneer member of its executive council and founding Chairperson of the Africa Regional Committee (ARC). The NDIC joined IADI as a founding member in 2002 and was a pioneer member of the IADI Executive Council and Chairperson of the IADI-Africa Regional Committee (ARC) respectively.

    In addition, the NDIC had also served on various IADI Council and Technical Committees such as Audit and Risk Council Committee (ARCC), Core Principles and Research Council Committee (CPRC), the IADI Strategic Planning Working Group (SPWG), the Islamic Deposit Insurance Technical Committee (IDITC) and the Training & Technical Assistance Council Committee (TTAC), to mention but a few.

    The hosting of the IADI – ARC Technical Assistance Workshop by the NDIC is a recognition of the Corporation’s international standing and significant achievements and expertise in the implementation of the Deposit Insurance System in Africa.

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