TSA’ll force banks to diversify deposit sources –NDIC print

TSA’ll force banks to diversify deposit sources –NDIC 

 

 

 

Managing Director/CEO, Nigeria Deposit Insurance Corporation, Alhaji Umaru Ibrahim

The Managing Director/Chief Executive Officer, Nigeria Deposit Insurance Corporation, Alhaji Umaru Ibrahim, says full implementation of the Treasury Single Account policy will help banks to diversify their sources of deposit mobilization.

According to him, the policy has shown that the era of “arm-chair banking in Nigeria” is over.

He spoke in Jos during the opening of a research building complex donated by the NDIC to the National Institute for Policy and Strategic Studies, a statement by the agency said.

Ibrahim, who stressed that the implementation of the policy should not be strange to the banks, said banks had been warned about three years ago to take steps that would make them not to over rely on government deposits.

On the rumour of mass retrenchment in the banking system due to the TSA policy, the NDIC boss said that the rumour was unfounded.

He emphasised that organisational renewal was a continuous exercise whereby banks not only rationalise their branches and entire operations to enhance efficiency but also undertake recruitment to renew their human capital.

Vice President Yemi Osinbajo said the Federal Government was appreciative of the NDIC’s gesture and urged other organisations the public and private sectors to emulate the corporation.

It said the Osinbajo, who was represented by the Director of Administration, Office of the Vice President, Alhaji Ibrahim Yabani, commended the agency for identifying with the infrastructural needs of the institute through the donation of the complex.

While expressing optimism that the building complex would provide conducive environment for research, he charged the institute to apply itself towards formulating policies that would accelerate socio-economic development in the country.

The NDIC said the corporation took the step to extend its gesture to the institute as part of its corporate social responsibility initiative.

He also reiterated the corporation’s readiness to continue to support educational institutions in order to advance academic standard nationwide.

The Director-General, NIPSS, Prof. Tijani Mohammed-Bande, expressed appreciation to the NDIC for responding to the challenge of office accommodation in the institute.

Bande said that the problem of inadequate office space for staff of the Research Directorate had compelled the institute to seek for assistance to build the office complex.

While pledging that the complex would be judiciously utilised, Bande appealed to other corporate organisations to support the institute in infrastructural development.

Credit:News Agency