The Nigeria Deposit Insurance Corporation (NDIC) has called for effective collaboration between regulators and operators in the banking system for the establishment of sound ethics and professionalism in the banking industry.

The Managing Director and Chief Executive, NDIC, Mr Umaru Ibrahim, said this in a statement by the Head, Communication and Public Affairs of the corporation, Mr Mohammed Ibrahim on Wednesday in Abuja.

Ibrahim quoted the managing director as having made the call when the executive members of the Chartered Institute of Bankers (CIBN) paid him a courtesy visit in Abuja, led by the President and Chairman of Council, Dr Uche Olowu.

The NDIC boss lamented abuse of extant regulations and ethical standards, a development he noted had impacted negatively on the confidence in the banking industry and the financial system in general.

He cited the recent involvement of some deposit money banks in illegal Foreign Exchange transfers as a wake-up call for better corporate governance and ethical behaviour by the banks.

Ibrahim assured CIBN of his resolve to strengthen collaboration with the institute in the enforcement of good corporate governance among banks and the promotion of high ethical standards and professionalism.

He said it was the primary responsibility of regulators to uphold strict compliance with international best practices and ethical standards to promote effective risk management and sound corporate governance in the banking industry.

This, he said was in line with the corporation’s drive toward protecting depositors and enhancing public confidence in the financial system.

Earlier, the CIBN President commended Academy of DIC for being recognised by the International Association of Deposit Insurers (IADI) as a World class institution in providing capacity building for the banking industry.

Olowu said CIBN active collaboration with the corporation to entrench ethical standards would be a key driver toward effective service delivery in the industry.

He emphasised the need to extend the collaborative efforts to joint research and knowledge-based events to enhance public awareness about the role of deposit insurance in financial system stability.