NDIC MD Urges ICAN To Integrate Deposit Insurance System Courses

Managing director/chief executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, has called on the Institute of Chartered Accountants of Nigeria (ICAN) to incorporate courses on the deposit insurance system into its educational programs and modules.

Mr. Hassan made the call during a courtesy visit by the governing council members of ICAN, led by the president of the institute, Mr Innocent Iweka Okwosa, to the corporation’s management in Abuja, the corporation said in a statement yesterday.

Mr. Hassan said including the insurance courses within ICAN’s training programs would enhance the understanding of DIS not only within the banking sector but also among professional accountants.

He described it as critical to bridging the knowledge gap on the mandate and achievements of insurance courses, its critical role in protecting depositors and its contribution to financial system stability. He added that it would also address misconceptions of the benefits and limitations of the deposit insurance system.

Mr. Hassan further stressed the significance of public awareness in maximising the impact and reach of the deposit insurance system throughout the general public and the financial sector as a whole. He stated that given the novel nature of the scheme in Nigeria and globally, collaboration with ICAN and other stakeholders had become imperative to strengthen the effectiveness of the Corporation’s operations to fully implement its mandate.

Hassan congratulated Mr. Okwosa on his assumption of office as the 59th ICAN President. He encouraged him to ensure that chartered accountants uphold the Institute’s values of accuracy and integrity in all aspects of their work.

He also reassured the Institute of the corporation’s unwavering support and partnership in furthering the practice of accounting in the country. He also extended condolences to the Institute on the recent passing of the first chartered accountant in Nigeria, Mr. Akintola Williams who left a legacy of excellence and professionalism that has paved the way for the growth of the profession in Nigeria.

Mr. Hassan commended ICAN’s commitment to maintaining zero tolerance for professional misconduct, asserting that this stance would continue to provide confidence to the corporation and other stakeholders in relying on the work of accountants in fulfilling their mandates.

In response, Mr. Innocent Iweka Okwosa praised Mr. Hassan for his exemplary leadership and the professionalism he has instilled in the corporation’s operations. He noted that under Mr. Hassan’s leadership, the corporation has made substantial contributions to ensuring the safety and stability of the Nation’s financial system, a crucial element for the growth and prosperity of the Nigerian economy.

The collaboration between NDIC and ICAN holds the promise of strengthening the knowledge base among accountants and financial professionals while fostering the growth and stability of Nigeria’s financial sector.