Former President Muhammadu Buhari was spot on when he appointed Bello Hassan as the Managing Director/Chief Executive of Nigerian Deposit Insurance Corporation (NDIC). Having previously headed two different banking supervision departments in the Central Bank of Nigeria and served on the Board of NDIC during the period, the appointment, for Hassan, was like home-coming. He knew the state of health of the banking system like the palm of his hands. Little wonder, when he assumed office as the boss of Nigeria’s banking system regulatory agency, he hit the ground running and has stayed on top of his game ever since.
With Hassan in charge of the affairs of NDIC, the agency has witnessed an unprecedented reshaping of its corporate template to achieve better policies and drive. Public confidence in the agency has been fully restored while the agency is operating at optimum capacity largely because of the professional and corporate atmosphere in place.
As the regulator of the Nigerian banking system, the agency, established by the Nigeria Deposit Insurance Corporation Act 2006, has responsibility for insuring all deposit liabilities of licensed banks and other financial institutions operating in Nigeria. It gives assistance to insured institutions in the interest of depositors, in case of imminent or actual financial difficulties of banks particularly where suspension of payments is threatened, and avoiding damage to public confidence in the banking system; NDIC guarantees payments to depositors, in case of imminent or actual suspension of payments by insured institutions up to the maximum as provided for in section 20 of the Act. The Corporation is also responsible for assisting monetary authorities in the formulation and implementation of policies so as to ensure sound banking practice and fair competition among insured institutions in the country.
The Corporation’s operations thus complement the efforts of the Central Bank of Nigeria to achieve a secure and stable banking system. It also supports the fiscal authority in maintaining stability within the broader financial system, serving as the foundation for economic growth and development.
When Hassan took over the helm at NDIC, he designed a roadmap, robustly outlined in the corporation’s 2021 – 2025 Strategic Plan, taking into consideration the current realities and future trends, as well as setting out targets and objectives to ensure that the agency fulfills its mandate by providing excellent and efficient services to its stakeholders across board. One of the corporation’s key achievements in that regard was the introduction of the Single Customer View (SCV) framework that has enhanced speedy payment of insured sums to depositors of closed banks. NDIC has enhanced collaboration with the bar and bench, leading to speedy prosecution and more informed judgements on failed banks cases, including resolution of long-drawn cases of closed banks such as Fortune and Triumph Banks in-liquidation. It equally put in place policy and framework for out-of-court settlement which has facilitated the resolution of some hitherto protracted failed bank litigations.
NDIC has also complimented the consumer protection efforts of the CBN by enhancing public awareness on deposit insurance and financial literacy to reduce the rate at which small depositors are being defrauded, thereby enhancing confidence in the banking system. NDIC under Hassan’s leadership has invigorated its liquidation activities, and greatly increased debt recovery rate leading to the declaration of 100 per cent liquidation dividends to uninsured depositors of over 20 deposit money banks in-liquidation as well as payments to other stakeholders such as creditors, ex-staff and shareholders. The corporation has also improved its system, processes and procedures to promote transparency and accountability in operations, amongst other achievements.
As a result of these milestones, NDIC has been accorded various special recognitions and awards by credible bodies and institutions. Some of them include: Overall Best Public Institution among 404 MDAs in the Independent Corrupt Practices and Other Related Offences Commission (ICPC) 2023 and 2021 Ethics and Integrity Compliance Scorecard (EICS); and the 2022 Platinum Award of the Bureau of Public Service Reform (BPSR) after the deployment of its Self-Assessment Tool (SAT) for excellence in service delivery
The regulatory agency also attained three International Organisation for Standardisation (ISO) Certifications of the MSECB, a leading international provider of Audit and Certification Services in 2023, namely: Information Security Management System ISO/IEC 27001:2013, IT Service Management System ISO/IEC 20000-1:2011, and Business Continuity Management System, ISO 22301.
The first ISO certification demonstrates NDIC’s approach to information security and privacy — explicitly proving the agency’s capability to identify and address the threats and opportunities around its valuable information and any related assets. This is quite significant given that, for NDIC to win public confidence as a watchdog, it has to prove its capability to protect itself from security breaches and shields it from disruption if and when they do happen. The
IT Service Management System ISO200001:2011 demonstrates the agency’s ability to efficiently deliver quality IT Service Management through a comprehensive process approach and maintains the standard over time. This is no easy feat given the susceptibility of the ever evolving digitized world to fraud and attacks by just about anybody with the requisite background.
The Business Continuity Management System ISO 22301:2012 certification highlights Hassan’s success in revolutionizing the business management template of the NDIC. it indicates that the corporation has practical framework for setting up and managing an effective business continuity management system, aiming to safeguard the organization from a wide range of potential threats and disruptions which enormities could only be imagined in an environment prone to disruptions.
The corporation also received two Nigeria Technology Awards (NITA) of Excellence in Adopting Emerging Technologies and Best Use of social media in the Federal Regulatory Agency Category
It’s to the credit of the Hassan that, in line with the recommendations of one of the Core Principles for Effective Deposit Insurance issued by the International Association of Deposit Insurers (IADI), NDIC has reviewed the adequacy of the maximum deposit insurance coverage in the event of liquidation of any insured institution.
In the area of service delivery, the NDIC was recognized for efficient service delivery by MacArthur foundation ahead of over 300 institutions covered in its survey of 2021.
The election of the Managing Director/Chief Executive of the Corporation unopposed onto the Council of the International Association of Deposit Insurers (IADI) as Vice-Chairperson in September, 2023 was an icing on NDIC’s cake.
The selection of Bello Hassan by the Top10 magazine as one of the regulatory agency leaders in Nigeria is in recognition of his outstanding achievements as the Managing Director of NDIC in the efficient delivery on its statutory mandate of regulatory initiatives and oversight, revenue generation and general contribution to the national economy.
