Managing Director/Chief Executive Officer, Nigeria Deposit Insurance Corporation, NDIC, Mr. Umaru Ibrahim, said there is the need to consolidate the gains of banking reforms to impact the lives of ordinary Nigerians.
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Ibrahim stated this at the Business Day Annual Banking Conference held in Lagos. According to him, "the reform measures undertaken by the regulatory agencies in the country, such as the banking consolidation, establishment of the Asset Management Corporation of Nigeria, AMCON, risk-based supervision for banks, introduction of the International Financial Reporting Standards, IFRS, transformation of the payment system through the cashless policy, adoption of a common year end, issuance of codes in corporate governance, review of the universal banking model and interventions in the power, agriculture, manufacturing and aviation sectors of the economy have brought about remarkable transformation of the banking industry and the economy at large."