NDIC urges ICAN to integrate deposit insurance into its syllabus

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Abuja, Oct. 12, 2023 – Mr. Bello Hassan, the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), has advised the Institute of Chartered Accountants of Nigeria (ICAN) to incorporate courses on the deposit insurance into its syllabus.

Hassan made the call during a courtesy visit by the Governing Council Members of ICAN, led by its President, Mr. Innocent Iweka Okwosa.

Hassan said incorporating deposit insurance courses in ICAN’s syllabus would enhance the understanding of deposit insurance, not only within the banking sector, but also among professional accountants.

He described the introduction of deposit insurance in ICAN’s syllabus as critical to bridging the knowledge gap on the mandate of protecting depositors and its contribution to financial system stability.

Hassan said this would also address misconceptions of the benefits and limitations of the deposit insurance.

He also stressed the significance of public awareness in maximizing the impact and reach of the deposit insurance system throughout the general public and the financial sector as a whole.

The NDIC boss said that given the novel nature of the scheme in Nigeria and globally, collaboration with ICAN and other stakeholders had become imperative to strengthening the effectiveness of the corporation’s operations.

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

Hassan reassured the institute of NDIC’s unwavering support and partnership in furthering the practice of accounting in the country.

He 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.

Hassan commended ICAN’s commitment to maintaining zero tolerance for professional misconduct.

He said 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 his response, Okwosa praised Hassan for his exemplary leadership and the professionalism he has instilled in the Corporation’s operations.

He said NDIC had 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.

Okwosa said collaboration between NDIC and ICAN held the promise of strengthening the knowledge base among accountants and financial professionals while fostering the growth and stability of Nigeria’s financial sector. (GBN)

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