The Central Deposit Insurance Corporation of Taiwan (CDIC) and the Nigeria Deposit Insurance Corporation (NDIC) signed a Memorandum of Understanding (MOU) on 12 August 2019. The MOU establishes formal cooperative relations between the two sides with an aim to promote experience sharing, exchange and cooperation between Taiwan and Nigeria.
The signing ceremony was presided over by the CDIC Chairman Michael M.K. Lin. In attendance at the signing ceremony, Ms. Jean Chiu, Director General of the Banking Bureau of the Financial Supervisory Commission (FSC), and Mrs. Josephine Ibironke Sokefun, NDIC Chairman, were invited to deliver outstanding remarks. Mr. Dou-Ming Su, Deputy Director General of the Financial Inspection Department of the Central Bank (CB), also attended the ceremony to witness the signing of MOU. CDIC President William Su and NDIC CEO Umaru Ahmed Ibrahim signed the MOU on behalf of the respective organizations. CDIC and NDIC are both members of the International Association of Deposit Insurers (IADI). CDIC President William Su serves as IADI’s Executive council members, the Chairperson of IADI Core Principles and Research Council Committee and the Chairperson of IADI Asia-Pacific Regional Committee. NDIC CEO Ibrahim holds the position of the Chairperson of IADI Africa Regional Committee. Through the exchange platform provided by the Association, the two sides have established friendly and mutually cooperative relations. The signing of the MOU will further enhance exchanges and information sharing between both sides and pave the way for closer cooperation.
In order to recognize the policy and practical experience of Taiwan's deposit insurance system, public awareness, cyber security, risk-based premium system and financial early warning system, the NDIC delegation conducted a study visit from 12 to 13 August. In addition, to gain an in-depth understanding and discuss the related issues of financial supervision for domestic banks and consumer protection, the delegation also paid a visit to the Financial Supervisory Commission and the Financial Ombudsman Institution on 14 August.
In the future, CDIC and NDIC will carry out ongoing information sharing and personnel exchanges to share expertise and experience, to help their respective agency advance in the deposit insurance field, and to further protect the rights and interests of depositors.
Group Photo: Baking Bureau of FSC Director-General Ms. Jean Chiu (3rd from the left), Financial Inspection Department of Central Bank of Republic of China (Taiwan) Deputy Director-General Mr. Dou-Ming Su (2nd from the right), CDIC Chairman Michael M.K. Lin (3rd from the right) and President William Su (1st from the right), and NDIC Chairman Mrs. Josephine Ibironke Sokefun (2nd from the left) and CEO Mr. Umaru Ahmed Ibrahim (1st from the left)
CDIC President William Su (right) and NDIC CEO Umaru Ahmed Ibrahim (left) represented the respective organizations to sign the MOU on 12 August 2019
Group photo of the MOU signing ceremony