NDIC Warns Bank Examiners against Unethical Practices

Alh Umaru Ibrahim, managing director, Nigeria Deposit Insurance Corporation (NDIC) yesterday warned its banks examiners against unethical practices, noting that the corporation would not condone any form of unethical conduct in the banking system.

The NDIC boss said the management of the corporation would welcome feedback from the banks on the conduct of its examiners as this would help to ensure proper supervision of the banking sector.

Umaru, who stated this during a courtesy visit by Mr. Nnamdi Okonkwo, new managing director/chief executive officer of Fidelity Bank Plc, to the NDIC, said the corporation would continue to uphold global best practices in its supervision of banks.

A statement from the corporation said the NDIC boss also advised banks to give attention to the issue of consumer protection.

This, he noted, would help to promote better service delivery and increase confidence in the financial system.

He maintained that as a deposit insurer and bank supervisor, the NDIC placed greater premium on consumer protection, adding that the corporation had taken many steps to promote consumer protection through the establishment of a dedicated 24-hour toll-free Help Desk in the Corporation.

This, he said, would enable depositors and other bank customers to lodge their enquiries and or complaints for prompt investigation.

He also informed the meeting that a Complaints Unit had been established in the Bank Examination and Special Insured Institutions Departments of the Corporation to cater for the customers of the banks

While advocating conscious and concerted efforts to improve consumer protection,  Ibrahim advised all the insured banks to establish consumer complaints desks at their head offices and branches.

This, according to him, would help to facilitate and promote prompt response to consumer protection issues.

In his earlier remark, Nnamdi Okonkwo, managing director/CEO Fidelity Bank PLC,  emphasized the need for the banking industry operators and regulators to work together as partners in order to move the industry forward. He stressed the need for banks to see Examiners as “helpers and enablers” who would always add value to the banks and commended the NDIC for its contribution towards the stability of the nation’s financial system.