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Wednesday,
August 21, 2019 / 10:00 AM / Press Release By NDIC / Header Image
Credit: NDIC
The Nigeria Deposit
Insurance Corporation (NDIC) has signed a Memorandum of Understanding (MOU)
with the Korea Deposit Insurance Corporation (KDIC) on a wide range of issues
intended to facilitate the robust implementation of the Deposit Insurance
System in their respective jurisdictions. Both institutions are key members of
the International Association of Deposit Insurers (IADI).
The MOU was effected at an
elaborate ceremony within the premises of the KDIC in Seoul, South Korea on the
7th of August, 2019. Mr. WI Seongbak, Chairman and President signed on behalf
of the KDIC while Umaru Ibrahim, the Managing Director/Chief Executive (MD/CE)
of the NDIC signed on behalf of the Corporation. The ceremony was witnessed by
the Chairman of the Board of the NDIC Mrs. Josephine Ibironke Sokefun and some
of her colleagues who were on a study tour to the KDIC.
Under the terms of the MOU,
both parties noted the increasing globalization and complexity of large
financial institutions and the unique challenges they portend for regulatory
authorities and committed themselves to the promotion of communication,
enhancement of existing levels of cooperation; provision of support, mutual
understanding, and collaboration on areas related to the development of the
deposit insurance systems in the two jurisdictions.
The MOU also provided for
effective international working relationship between both agencies along with
the enhancement of their roles in financial regulatory initiatives and policy
deliberations. There will also be periodic exchange of staff between both
institutions and bilateral meetings on regular basis towards enhancing mutual
understanding that promotes the development of the Deposit Insurance System
(DIS) in both Nigeria and South Korea.
Reflecting on the visit, the
NDIC MD/CE described the study tour and MOU signing as a deeply rewarding
experiencing given the insight gained by both deposit insurers from the various
technical sessions held during the visit.
After the signing of the MOU,
the NDIC delegation led by the Board Chairman and MD/CEO, was hosted to
knowledge and experience sharing sessions by their KDIC counterparts. The
delegation interacted with faculty members of the KDIC Global Academy. The NDIC
team also visited the Financial Services Commission (FSC) where it was hosted
by the 1st Deputy Governor and the Financial Supervisory Services (FSS) where a
technical knowledge sharing session was also held with their Management team.
The delegation, was later
hosted by the Nigerian Ambassador to the Republic of Korea, H.E. Amin Muhammad
Dalhatu at the Nigerian Embassy building in Seoul.
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