“Arm-chair Banking in Nigeria is Over” – NDIC

Fri, Sep 18, 2015

By publisher

2 MIN READ

Business Briefs

–

THE Nigeria Deposit Insurance Corporation, NDIC, has said the full implementation of the Treasury Single Account policy would help banks to diversify their sources of deposit mobilisation. Umaru Ibrahim, managing director, NDIC, said the policy has shown that the era of arm-chair banking in Nigeria is over.

Ibrahim, who spoke in Jos, during the opening of a research building complex donated by the NDIC to the National Institute for Policy and Strategic Studies, stressed that the implementation of the policy should not be strange to the banks. He said banks had been warned about three years ago to take steps that would make them not to over rely on government deposits.

On the rumour of mass retrenchment in the banking system due to the TSA policy, the NDIC boss said that the rumour was unfounded. He emphasised that organisational renewal was a continuous exercise whereby banks not only rationalise their branches and entire operations to enhance efficiency but also undertake recruitment to renew their human capital.

The NDIC said the corporation took the step to extend its gesture to the institute as part of its corporate social responsibility initiative. He also reiterated the corporation’s readiness to continue to support educational institutions in order to advance academic standard nationwide.

Vice President Yemi Osinbajo said the federal government was appreciative of the NDIC’s gesture and urged other organisations both the public and private sectors to emulate the corporation. He commended the agency for identifying with the infrastructural needs of the institute through the donation of the complex.

While expressing optimism that the building complex would provide condusive environment for research, he charged the institute to apply itself towards formulating policies that would accelerate socio-economic development in the country.

— Sep 28, 2015 @ 01:00 GMT