INTERNATIONAL ASSOCIATION OF DEPOSIT INSURERS IADI 2ND REGIONAL METHODOLOGY WORKSHOP ON THE ASSESSMENT OF COMPLIANCE WITH THE CORE PRINCIPLES FOR EFFECTIVE DEPOSIT INSURANCE SYSTEMS
The IADI 2nd Regional Workshop on Methodology for Assessment of Compliance with the Core Principles for Effective Deposit Insurance Systems being hosted by the NDIC, commenced on December 13, 2011, with a brief opening ceremony. During the ceremony, the Managing Director/Chief Executive Officer of the Corporation, Umaru Ibrahim, mni, gave the opening remarks, while the Chairman of the NDIC Board, Amb. (Dr) Hassan Adamu, Wakili of Adamawa delivered the welcome address. The keynote address was delivered by the Honourable Minister of State for Finance, Dr. Yerima Lawan Ngama, while the CBN Governor gave short remarks. Opening Ceremony Programme, Opening Remarks, Welcome Address, Keynote Address The objective of the workshop was to: i) conduct a thorough compliance assessment of the Core Principles and the Preconditions as applicable to Nigeria, ii) formulate a Corrective Action Plan and, iii) develop a Long-Range Implementation Plan that will include specific strategies corresponding to each of the Corrective Actions. The workshop was the take off-point of a 3 year phased-out implementation plan which is in line with the major reform activities of the financial sector with the development of the Financial System Strategy 2020 (FSS 2020) by the World Bank at the instance of the Central Bank of Nigeria. A total of thirty (31) participants attended the workshop. Eleven (11) participants came from five (5) countries namely Sudan, Kenya, Lesotho, Tanzania and Zimbabwe while twenty (20) participants came from Nigeria. Of the Nigerian participants, NDIC had sixteen (16) while the Central Bank of Nigeria and the Federal Ministry of Finance had two (2) participants each. Following the workshop, a briefing session was scheduled for Sunday, December 18, 2011 during which a presentation by the workshop facilitators to officials from NDIC, CBN and Ministry of Finance was made. The workshop had five (5) facilitators sourced from different IADI member countries, namely USA, Zimbabwe, Nigeria and Kenya and the World Bank.