The Nigeria Deposit insurance Corporation (NDIC) has entered into a Technical Assistance Agreement with the Office of Technical Assistance (OTA) of the United States of America (USA) Treasury Department as part of the efforts to reposition the Corporation and enhance its capacity to discharge its mandate of depositor protection.

In line with the agreed terms of reference (TOR) of the agreement, the OTA has since May 2011 deployed a Resident Technical Advisor, Mr. Phillip Morris to the NDIC, to facilitate the capacity building programme.

Under the agreement which is for an initial period of two (2) years, the technical assistance involves a comprehensive review of the Corporation’s operations in banking supervision, deposit guarantee, bank failure resolution and closures with specific reference to the following:

• Increased technical capacity of NDIC staff in the implementation of Risk Based Supervision (RBS) as it relates to deposit insurance;

• Design and implementation of training programmes /methods to improve the capacity of NDIC staff in the prompt payment of claims to depositors and creditors;

• Design and development of staff training modules and operations manual to enhance capacity in key areas of:  Risk Assets valuation, Purchase & Assumption (P&A) transactions, Asset &Real estate management, Problem loan work out, other intervention techniques etc.;

• Assist the corporation in transiting to the new International Financial Reporting Standards (IFRS) by providing appropriate training to Staff

• Provide general assistance in the development of core competencies in Enterprise wide Risk Management framework; and

• Provide general assistance to NDIC as requested and approved by the US Treasury Department during the period.

In addition to the full-time Resident Advisor, the Treasury Department will arrange for periodic short-term missions by other consultants with extensive experience and expertise in various areas of Deposit Insurance and Banking Supervision. 

H.  S.  BIRCHI
HEAD, COMMUNICATION & PUBLIC AFFAIRS