The Nigeria Deposit Insurance Corporation (NDIC) has expressed its determination to continuously review its five-year strategic plan, with a view to not only remain relevant in its operating environment but also to effectively discharge its mandate.
NDIC’s Managing Director/Chief Executive Officer, Alhaji Umaru Ibrahim, dropped this hint in his opening remarks at the NDIC two-day Strategy Review Retreat with the theme:‘Repositioning NDIC for Operational Excellence’ held recently in Abuja.
Ibrahim pointed out that the 2011-2015 strategic plan marked a departure from the traditional approach the corporation adapted in its first strategy in 2007 with the introduction of balanced score card, performance management system, performance-based budgeting and development of early warning system.
The NDIC boss 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 very imperative. He maintained that emerging issues like sustainable banking, mobile and e-banking, consumer protection and consumer education not only attracted the attention of regulators worldwide but also required appropriate strategic responses if the corporation was to remain relevant in its operating environment.
According to Ibrahim, the quest to have an organisation that is driven by excellence and performance and in which employees aligned themselves with its vision, mission and strategy put in place to actualise its mandate had informed the corporation’s choice of four pillars in its current Strategic Plan. He enumerated the pillars as operational readiness, public awareness of the deposit insurance scheme, partnering and collaboration with strategic stakeholders and performance driven culture.
In his remarks, the Chairman/Chief Executive Officer, Phillips Consulting, Mr. Funso Phillips, said as a service oriented government institution, the NDIC’s strategic plan should be benchmarked on global best practices in method, system, process and procedure that would result in effective operational performance and achievement of its mandate.
Phillips advised the corporation to continuously align its workforce towards the achievement of its corporate goals because, he said, a strategic plan was about people and passion for their roles in the corporate environment.