July 04, (THEWILL) – The Managing Director of the Nigeria Deposit Insurance Corporation, NDIC, Mr Bello Hassan, has reiterated the support of the corporation in providing opportunities for financial journalists to enhance their knowledge and skill of reporting the financial services sector, especially the deposit insurance.
Mr Hassan said that the financial services sector which encompasses the business of deposit insurance has become complex and those journalists covering the beat should continue to upgrade their knowledge and skill of the sector to achieve effective reporting.
Mr Hassan stated this while receiving the executives of the Finance Correspondents Association of Nigeria, FICAN, led by the National Chairman, Mr Chima Titus Nwokoji, in his office in Abuja during a courtesy visit by the group to interact with the new leadership of NDIC.
Mr Hassan took over from his immediate predecessor, Mr Umaru Ibrahim who retired in December 2020 at the expiration of his two-term tenure .
At the meeting attended by members of the corporation’s top management, Mr Hassan noted that NDIC and FICAN had maintained excellent relationships over the years during which the corporation created the annual capacity building workshop for finance correspondents and business editors in 2002, which has run for 17 year.
He said that the exercise has led to broadening and deepening the horizon of deposit insurance to the benefit of the financial journalists who are now better placed to report the beat more effectively.
He lamented that some journalists dabble in financial services reporting, especially in the area of deposit insurance, without adequate knowledge of the area and that this does not only create confusion among the members of the public but gives a negative image of NDIC mandate and activities.
Mr Hassan recalled that the relationship between FICAN and NDIC is as old as the corporation itself, recalling that the Corporation has always accorded the media the required priority in the evolution of the establishment.
He said that NDIC relies on FICAN in disseminating information about deposit insurance and to manage the image of the corporation and that this has led to a symbiotic relationship between both parties.
He said that the annual workshop was introduced as a veritable means of capacity building for the media practitioners and to effectively report on the mandate and activities of deposit insurance is crucial in developing a strong financial services sector.
He said that the benefit of the relationship between FICAN and NDIC cannot be quantified by the corporation.
“I want to sincerely commend the FICAN members in particular and the media in general for this wonderful relationship between you and the corporation. I can say that such support and understanding cannot be quantified by us on this side.”
He observed that despite the 32 years that NDIC has existed, there is an obvious knowledge gap of deposit insurance among the public.
He said that the entire public can only derive the required benefit from the activities of NDIC when they have adequate knowledge of its mandate and activities, its system and limitations.
He revealed that the corporation organises periodic independent surveys to determine the level of understanding of the deposit insurance system among the public.
He said that the last survey exercise in 2019/2020 revealed that the level of understanding of the deposit insurance system has not been achieved among the public, “that is why we need to continue to collaborate with you people to reverse the trend”.
Mr Nwokoji thanked NNDC for the capacity building support to FICAN over the years.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
