NDIC reviews strategic plan to improve performance

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The Nigeria Deposit Insurance Corporation (NDIC) says it will continue to review its 2011-2015 strategic plan in order to discharge its mandate effectively.

This is contained in a statement signed by its Head of Public Affairs Unit, Alhaji Haidi Bichi, and made available to newsmen on Thursday.

The statement quoted NDIC’s Managing Director, Alhaji Umaru Ibrahim, as speaking on the plan in his remarks at a two-day Strategy Review Retreat for staff of the corporation in Abuja.

According to the statement, the theme of the retreat is “Repositioning NDIC for Operational Excellence.”

Ibrahim was quoted as saying that the strategic plan was designed to make the corporation remain relevant in its operating environment.

He said that the 2011-2015 strategic plan marked a departure from the traditional approach that the corporation adapted in its first strategy in 2007.

The managing director said that the plan led to the introduction of balanced scorecard, performance management system, performance-based budgeting and development of early warning system.

Ibrahim stated that the dynamics of the financial sector had continued to throw up emerging and mundane issues which demanded a new focus and made a review imperative.

He maintained that emerging issues like sustainable banking, mobile and e-banking, consumer protection and consumer education had attracted the attention of regulators worldwide.

Ibrahim said that the issues required appropriate strategic responses, if the corporation was to remain relevant in its operating environment.

The managing director said that he was satisfied with the achievements recorded by the corporation so far under the 2011-2015 strategic plan.

According to him, the corporation has commenced implementation of the risk-based supervision and differential premium assessment of deposit money banks.

He said that the corporation decided to partner with Messrs Phillips Consulting to review the strategic plan in order to establish how well the agreed corporate goals had been achieved.

According to him, the partnership will also assist to develop a system that would continuously monitor performance and achievement of the revised targets.

The statement quoted the Chairman, Phillips Consulting, Mr Funso Phillips, as saying that the strategic plan of the NDIC, as a service oriented government institution, should be benchmarked on global best practices.

Phillips said that this should reflect in its methods, systems, processes and procedures, which would  result in effective operational performance and achievement of its mandate.

The chairman advised the corporation to align its workforce toward the achievement of its corporate goals.

He also said that a strategic plan was about people and passion for their roles in the corporate environment.