The Nation Newspaper

Tag: Nigeria Deposit Insurance Corporation (NDIC)

  • NDIC commended for good corporate governance

    NDIC commended for good corporate governance

     The Nigeria Deposit Insurance Corporation (NDIC) has been commended by the Chartered Institute of Directors (CIoD) for its adherence to sound corporate governance, ethical leadership, and consistent execution of its mandate, particularly in banking supervision and depositor protection.

     These qualities, the Institute noted, have been instrumental in strengthening the stability of Nigeria’s banking sector and broader financial system.

     The CIoD President and Chairman of the Council, Tijjani Borodo, gave the commendation during a courtesy visit by the CIoD Governing Council to NDIC’s headquarters in Abuja.

    While emphasizing that weak corporate governance remains a leading cause of bank failures in Nigeria, Borodo  highlighted the Corporation’s achievements in bank liquidation and resolution.

     In a statement on Thursday by Hawwau Gambo, Head of Communication and Public Affairs at the Corporation, Borodo noted that the CIoD, as the premier body for corporate directors in Nigeria, has put in place clear disciplinary frameworks to hold directors accountable for unethical practices.

    He emphasized the Institute’s dedication to fostering a culture of integrity and responsible leadership across both public and private sectors, particularly within the banking industry.

     Borodo described the visit of the CIoD Governing Council as an opportunity to strengthen and sustain the partnership between the Institute and the NDIC, especially in capacity building through board induction programs, executive leadership development, and governance training tailored to the needs of directors in both the public and private sectors.

    Read Also: We are Nigeria’s political bride, SDP boasts

     In his response, NDIC Managing Director/Chief Executive Officer (MD/CEO) Mr. Bello Hassan commended the CIoD leadership for promoting professionalism and corporate accountability while stressing that corporate governance is central to NDIC’s mandate and essential for protecting depositors, strengthening bank resilience, and fostering public confidence in the financial system.

     He emphasized that fostering a strong culture of corporate governance among NDIC executives and across the wider financial sector is crucial, reaffirming the Corporation’s commitment to sustaining its partnership with the Institute.

     The MD further reiterated the Corporation’s readiness to sustain its partnership with the Institute in advancing a strong culture of corporate governance among the NDIC’s executive staff and across the broader financial industry.

  • NDIC tasks solicitors on debt recovery

    NDIC tasks solicitors on debt recovery

    Nigeria Deposit Insurance Corporation (NDIC) has called on its external solicitors  to help recover debts and manage assets of failed banks, especially after the recent collapse of Heritage Bank.

    Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, made this appeal yesterday in Abuja during a sensitization seminar for external solicitors aimed at strengthening cooperation between the corporation and its legal partners.

    Hassan explained that due to Heritage Bank’s closure, NDIC has hired new external solicitors to help handle legal matters.

    Mr. Hassan noted that external solicitors play a critical role in ensuring efficient debt recovery and asset realization, which are fundamental to stabilizing the Nigerian financial system.

    “I urge you external solicitors to continue your diligent efforts in assisting the Corporation with debt recovery and asset realization,” Mr. Hassan stated.

    Acknowledging that some external solicitors may not have had the opportunity to participate in previous sensitization programmes, the NDIC deemed it necessary to organize the latest seminar to strengthen the Corporation’s relationship with its legal partners while reinforcing the strategic objectives of financial system stability.

    Read Also: Turkish Airlines holiday expands globally

    “This initiative reinforces the NDIC’s role in maintaining financial stability and aligns with our strategic objectives,” Hassan explained.

    The Corporation noted that a deeper understanding of the Deposit Insurance System (DIS) in Nigeria among its legal representatives would enhance case management, promote informed judicial decisions, and improve public awareness of deposit insurance practices.

    Reflecting on the recent collapse of Heritage Bank, the NDIC Managing Director acknowledged the complexities of bank liquidation and admitted the necessity of collaboration with external solicitors to navigate legal and financial challenges.

    “The recent failure of Heritage Bank has highlighted the intricate nature of bank liquidation and the vital role of collaboration with our external solicitors,” Mr. Hassan remarked.

    According to him, the Corporation has already begun to observe positive outcomes from its engagements with external legal professionals. These include: increased diligence in handling NDIC cases; more informed judicial decisions; encouraging feedback from both the bar and the bench and greater public awareness of deposit insurance practices.

    The NDIC reiterated its commitment to engaging legal experts in ensuring that depositors’ interests are protected and that failed banks’ assets are efficiently recovered and managed. The Corporation stressed that a well-functioning deposit insurance system is crucial for the overall health of the Nigerian financial sector.

    “We actively seek your continued collaboration and support in promoting financial system stability through a deeper understanding of the dynamics of the Deposit Insurance System in Nigeria,” Hassan urged the solicitors.

    As NDIC continues to deal with the aftermath of Heritage Bank’s failure, Bello Hassan said the Corporation remains steadfast in its mission to safeguard depositors, enhance financial stability, and enforce best practices in bank liquidation and debt recovery.

  • NDIC signs MoU with Korea to deepen deposit insurance system

    THE Nigeria Deposit Insurance Corporation (NDIC) has signed a Memorandum of Understanding (MoU) with the Korea Deposit Insurance Corporation (KDIC) on several areas to facilitate the robust implementation of the deposit insurance system in their jurisdictions.

    Both institutions are key members of the International Association of Deposit Insurers (IADI).

    A statement by NDIC’s Director of Communications and Public Affairs Department, Mohammed Kudu Ibrahim, said the MoU was signed at an elaborate ceremony on the premises of KDIC in Seoul, South Korea, on August 7.

    KDIC’s Chairman and President W. I. Seongbak, signed on behalf of the Korean corporation while Umaru Ibrahim, the Managing Director/Chief Executive (MD/CE) of the NDIC, signed on behalf of the Nigerian counterpart.

    The ceremony was witnessed by the Chairman of NDIC’s Board, Mrs. Josephine Ibironke Sokefun, and some of her colleagues on a study tour of KDIC.

    Under the terms of the MoU, both parties noted the increasing globalisation and complexity of large financial institutions and the unique challenges they portend for regulatory authorities.

    They committed themselves to the promotion of communication, enhancement of existing levels of cooperation; provision of support, mutual understanding and collaboration on areas related to the development of the deposit insurance systems in the two jurisdictions.

    Read Also: NDIC: Crypto-currency traders may lose money

    The MoU also provides for effective international working relationship between both agencies along with the enhancement of their roles in financial regulatory initiatives and policy deliberations.

    There will also be periodic exchange of workers between both institutions and bilateral meetings on regular basis towards enhancing mutual understanding that promotes the development of the deposit insurance system (DIS) in Nigeria and South Korea.

    Reflecting on the visit, Mrs Sokefun described the study tour and MoU signing as a deeply rewarding experiencing, given the insight gained by both deposit insurers from the various technical sessions held during the visit.

    After the signing of the MoU, the NDIC delegation, led by the board chairman and MD/CEO, was hosted to knowledge and experience sharing sessions by their KDIC counterparts. The delegation interacted with faculty members of the KDIC Global Academy.

    The NDIC team also visited the Financial Services Commission (FSC), where it was hosted by the First Deputy Governor, and the Financial Supervisory Services (FSS), where a technical knowledge sharing session was also held with their management team.

    The sessions covered topics such as supervisory early warning system, risk based premium assessment system, public awareness strategies and consumer protection.

    Other areas covered included deposit pay-out processes, failure resolution, Korean Financial Industry Oversight Framework, among others.

    The delegation was later hosted by the Nigerian Ambassador to the Republic of Korea, H. E. Amin Muhammad Dalhatu, at the Nigerian Embassy building in Seoul.

     

  • NDIC has carved a niche for itself, says House Committee Chairman

    The Nigeria Deposit Insurance Corporation (NDIC) has carved a niche for itself as the leading Deposit Insurer in Africa according to the Chairman of the House of Representatives Committee on Insurance and Actuarial Matters, Hon. Olufemi Fakeye.

    The Chairman made the comment during the appearance of the NDIC Management led by the Corporation’s MD/CE Umaru Ibrahim, before the House Committee to defend the Corporation’s 2019 budget estimates.

    According to a statement by the Head of Communication & Public Affairs, Mohammed Kudu Ibrahim, “Hon. Fakeye recalled the role played by the NDIC in the resolution of the defunct Skye Bank and the establishment of Polaris Bank Ltd as a bridge bank and charged NDIC to be more pro-active in detecting and addressing distress in banks as a way of sustaining public confidence in the system.

    “Earlier, while presenting details of the budget before the House Committee, the NDIC Boss disclosed that the Corporation has set aside the sum of N258.767 billion in the 2019 fiscal year for the reimbursement of depositors in the unlikely event of closure of licensed banks.

    “Giving a breakdown of the funds, the NDIC CEO said N109.686 billion was provided for depositors of Deposit Money Banks (DMBs), while N149.081 billion has been set aside for depositors of Primary Mortgage Banks (PMBs) and Micro Finance Banks (MFBs).

    “He explained that the estimates were consistent with the Corporation’s mandate of providing financial guarantee to depositors of failed banks towards promoting public confidence in the banking sector. This, he added, is critical to the sustenance of the stability of the entire financial system.”

    Read Also: NDIC proposes N98b budget for 2019

    The statement added: “In fulfilment of the Corporation’s mandate to provide Technical assistance to licensed banks, the NDIC Boss, disclosed that the Corporation, in collaboration with the Central Bank of Nigeria (CBN), has invested in the acquisition of a new software called the Integrated Regulatory Solution (IRS) for a more robust surveillance and supervision of insured financial institutions in the country.

    “According to Ibrahim, the software would enable DMBs generate real time online data among themselves, help regulators to access data online from the DMBs.

    “Ibrahim also disclosed that the National Association of Microfinance Banks Unified Information Technology Platform (NAMBUIT) was introduced by CBN/NDIC and Association of MFBs to enhance the operational capacity of the MFBs. The CBN/NDIC are financing the project in the ratio of 60/40 per cent respectively in view of the importance of the project to the growth of the MFB sub-sector.”

    “On the issue of NDIC’s mandate of providing financial assistance to eligible licensed and insured banks, Ibrahim disclosed that a total of N140 billion was provided for Deposit Money Banks while the sum of N300 million is provided for Microfinance and Primary Mortgage Banks.

    “He urged the banks to take the opportunity to access the funds offered by the Corporation whenever they are required.

    “Responding, the Chairman commended the Corporation for its pro-activeness in the prevention systemic crisis in the nation’s banking system.

    “He added that the various mechanisms adopted by the Corporation since inception to resolve distress in banks had not only prevented the manifestation of crisis in the system, they also contributed immensely to the high level of public confidence experienced in the financial sector,” the statement said.

  • NDIC Board promises stability of financial system through policies

    Members of the newly inaugurated Board of the Nigeria Deposit Insurance Corporation (NDIC) have stated their commitment to the formulation of sound policies to enhance the safety and stability of the nation’s financial system.

    The Chairman, Mrs. Ronke Shokefun stated this at the opening ceremony of the maiden retreat for members of the Board in Abuja.

    As a critical member of the Nigeria financial safety net, Mrs. Shokefun said the new Board is committed to providing the NDIC with the desired leadership required to enable the nation achieve its goal of becoming one of the top twenty economies in the world by Year 2020.

    Read Also: NDIC remits N7b into Consolidated Account

    According to her, “As people of proven integrity, we are to collectively paddle the boat of NDIC in particular and that of the nation’s banking sector in general to safety.

    “We owe this very important organisation and the nation that duty in order to justify the confidence reposed in us by His Excellency, President Muhammadu Buhari”.

    The Chairman described the role of the Board as critical in the achievement of the Corporation’s mandate, adding that the retreat will enable members gain full insight into the Corporation’s mandate, its operations, achievements and challenges.

    “The induction program will provide the Board with the in-depth knowledge required for the formulation of policies to ensure enhanced service delivery by the Corporation,” she added.

    The NDIC Managing Director/Chief Executive, Umaru Ibrahim expressed hope that the retreat will provide the new Board with the critical information and insight on the activities of the Corporation ahead of their assumption of office.

  • NDIC remits N7bn into Consolidated Account in 2018

    The Nigeria Deposit Insurance Corporation (NDIC) has remitted N7billion into Consolidated Revenue Account as its operating surplus for 2018 operations.

    Its Managing Director/Chief Executive, Mallam Umar Ibrahim made this disclosure on Thursday in Abuja at the inauguration of newly appointed board of Director of the Corporation by the Minister of Finance Hajiya Zainab Ahmed.

    Umar Ibrahim stated the fund, was Corporation’s normal contribution as required by the fiscal responsibility Act.

    Before inaugurating the NDIC Board, Minister of Finance Zainab Ahmed urged members of the board “to exhibit high ethical values in the discharge” of their responsibility.

    According to her: “You are assuming duty at a time when the Nigerian financial system is still facing some challenges and requires efforts aimed at addressing issues such as corporate governance, high level of non- performing loans etc.

    “You are also coming at a time when the system is grappling with the issues related to meeting the target of reducing financial exclusion in Nigeria to about 20 percent by year 2020”.

    She added: “The potential benefits and risks associated with the financial technology and block chain technology are also on the front burner.

    “These and other challenges can cause threats to the stability of our financial system and must be addressed promptly for the sector to play its role in facilitating the implementation of the Economic Recovery and Growth Plan (ERGP).”

    Members of the NDIC board inaugurated on Thursday include Barrister Festus Keyamo, (SAN); Alhaji Garba Bello; Bri-Gen. Josef O. J. Okoloagu; Mustapha Adewale Mudashiru and Mr. Adewale W. Adeleke.

    Responding on behalf of the board members, board Chairman,  Mrs. Ronke Sokefun, assured the board members would put their wealth of experience gathered over the years to impact positively on the corporation overall mandate.

    She assured the Minister and all stakeholders of the Nigeria financial system that they will live up to the responsibility reposed in them by President Muhamnadu Buhari.

  • NDIC becomes member of Islamic Financial Services Board

    The Nigeria Deposit Insurance Corporation (NDIC) has become a full member of the board of the Council of the Islamic Financial Services Board (IFSB) which has its headquarters in Kuala Lumpur, Malaysia.

    The NDIC joins the Central Bank of Nigeria (CBN) as the other Nigerian institution on the Board of the IFSB.

    The decision to admit the NDIC was taken at the 33rd meeting of the IFSB Council, hosted by the Islamic Development Bank Group (ISDB), on 6th of December 2018, in Jeddah, Kingdom of Saudi Arabia.

    IFSB is an International Standard-setting organisation for the Islamic Financial Services Industry that promotes the soundness and stability of the global industry, by issuing global prudential standards and guiding principles for Islamic Banking, Islamic Capital Markets and Takaful (Insurance) Sectors.

    The Council Meeting was chaired by H.E. Dr. Mohammad Y. Al Hashel, the Governor of the Central Bank of Kuwait and Chairman of the IFSB for 2018, attended by the President of the ISDB, H.E. Dr. Bandar Mohammed Hajjar, 12 central bank Governors and Commissioners of regulatory and supervisory authorities, and 10 senior representatives from among the Council and Full members of the IFSB, representing 19 countries.

    According to IFSB, “members of the institution are classified into three categories, namely Full Member, Associate Member and those classified as observers. As a full member of the Board, the NDIC has voting rights – a status which is only available to the financial sector supervisory authorities of its member countries.”

    Read Also: CBN, NDIC to banks: look beyond profitability

    The work of the IFSB complements that of the Basel Committee on Banking Supervision (BCBS), International Organisation of Securities Commission (IOSCO) and International Association of Insurance Supervisors (IAIS), by introducing new, or adapting existing international prudential standards consistent with Islamic Shari’ah principles and recommending same for adoption by the relevant Regulatory Authorities.

    The IFSB had in March, 2018 invited the NDIC to its membership. The institution is currently developing work plans on standards for the Supervisory Review Process of multiple Islamic Banking products that could further strengthen the capacity of the NDIC to continue the robust supervision and provision of guidelines to operators of Non Interest Banks such as Jaiz Bank; Deposit Money Banks (DMBs) with and Micro-Finance Banks (MFBs) with Non Interest Banking windows.

  • We saved 6,000 jobs with Polarise Bank – NDIC Boss

    The Federal Government saved over 6,000 jobs in the bridge bank arrangement by the Nigeria Deposit Insurance Corporation (NDIC) with Polarise bank, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has revealed.

    He said that the Polaris Bank was able to guarantee the seamless and continuous banking operations in the 277 branches of the bank (defunct Skye bank). Over 6000 jobs were saved in the process and depositors have unhindered access to deposits in excess of N949.60 billion as at June 2018.

    It will be recalled that the NDIC, in collaboration with the Central Bank of Nigeria, adopted bridge bank option to resolve the failure of Skye Bank Plc, which involved the organisation and incorporation of a bridge bank, Polaris Bank Limited, to take over the assets and liabilities of the defunct Skye Bank Plc.

    Umaru, who was represented by Mr. Mohammed Yayangida Umar, Director of Insurance & Surveillance Department (ISD) of the commission, made this known at the workshop for business editors and finance correspondents association of Nigeria (FICAN) in Benin.

    According to the NDIC boss, “Since inception in 1989, the NDIC has recorded tremendous stride in the implementation of its mandate and in ensuring that the over-riding public policy objectives for establishing an explicit Deposit Insurance System (DIS) in the country are fully realized.

    “Depositors in Deposit Money Banks (Divide), Non-Interest Banks (NIBs) and Primary Mortgage Banks (PMBs) are reimbursed up to a maximum limit of N500,000, while the maximum insured coverage for depositors of Microfinance Bank (MFBs) is N200,000.

    “However, it is important to also stress that depositors who have funds in excess of the insured limits are paid dividends from the liquidation of failed banks depending on the quality of their assets and the outcome of debt recoveries by the NDIC.”

    He further explained that: “In most of the media reports following the revocation of the banking license of the defunct Skye Bank, the CBN was erroneously credited with the establishment of the bridge bank (Polaris Bank) which is the exclusive responsibility of the NDIC as provided for under its enabling Act.”

    Read Also: NDIC emerges best performing public sector agency

    He therefore urged financial correspondents to be constantly aware of the fine details of the roles and responsibilities of all the regulators in the system for more accurate reporting of their activities.

    “In this respect, it is important to stress that while the roles of the CBN and the NDIC complement each other, a clear distinction exists in their roles in the handling of failed or failing financial institutions.

    “Also, the CBN recently revoked the licenses of 154 Microfinance Banks (MFBs) and 6 Primary Mortgage Banks (PMBs) due to their insolvency. The affected institutions were closed because some were found to have insufficient assets to meet their liabilities, while others had their capital to risk-weighted assets ratio and regulatory capital below the minimum prescribed by the CBN.

    “Quite a number of the banks had ceased to carry on the type of banking business for which their licenses were issued for a continuous period of more than 6 months while others had gone into voluntary liquidation.

    “The NDIC has commenced verification of insured depositors and will soon start paying the verified claims to appropriate depositors in fulfilment of our core mandate.

    “From the record obtained so for, majority of the depositors especially in the MFBs, have less than N200,000 in their accounts, which implied that the NDIC will hopefully cover 100% of the depositors,” he said.

  • N11.5bn paid to depositors in 2017 – NDIC

    About N11.50 billion has been paid to financial institutions, the Managing Director and Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has revealed.

    The payment, he said, were made to depositors, creditors, shareholders and other stakeholders of closed financial institutions in December, 2017.

    Ibrahim stated these during the NDIC Special Day at the Abuja International Trade Fair with the theme: ‘Enhancing SMEs in Agribusiness through innovative technology’, in partnership with the Abuja Chamber of Commerce and Industry (ACCI), in Abuja, on Tuesday.

    Represented by Director of Enterprise Risk Management, NDIC, Mr. Peter Hyelamzha, he said the corporation had made a 100 per cent and final liquidation dividends to depositors of the defunct Eagle and Financial Merchant Banks (in-liquidation) which increased the number of banks for which a final dividend of 100 per cent had been declared to 16 in 2017.

    He stated that the corporation, in collaboration with the Central Bank of Nigeria (CBN) conducted an on-site and off-site supervisions of 25 Deposit Money Banks (DMBs) and one Non-Interest bank (NIBs).

    The supervision, he said, was extended to 1,008 Micro Finance banks (MFBs) and 38 Primary Mortgage Banks (PMBs) using the Risk Based Supervision (RBS) approach and Consolidated Risk Based Examination of three banks with Holding companies in a bid to ensure financial system stability in the country.

    He said: “The Corporation continued to make strenuous efforts in its debt recovery drive even in the face of all odds. Total recoveries from debtors of failed banks by the NDIC in 2017 amounted to N368.43 million which brought cumulative recovery from debtors to N28.84 billion.

    Read Also: NDIC Boss elected as new Chairperson of IADI

    “Similarly, the sum of N207.45 million was realized from the disposal of physical assets of closed banks. Thus, the cumulative sum of N21.85 billion was realized from the disposal of physical assets of closed banks as at 31st December, 2017. The funds realized was used to pay liquidation dividends to the uninsured depositors of closed banks.”

    “Presently each depositor of Deposit Money Banks (DMBs), Noninterest Banks (NIBs) and Primary Mortgage Banks (PMBs) is insured up to the maximum limit of N500, 000; while the maximum insured coverage for depositors of Micro Finance Banks (MFBs) is N200, 000.

    “However it is important to also stress that depositors who have funds in excess of the insured limits are paid dividends from the liquidation of failed banks depending on the quality of their assets and the outcome of debt recoveries by the Corporation.

    “Apart from the DMBs, PMBs and MFBs, the Corporation also provides Deposit Insurance coverage to subscribers of Mobile Money Operators to the maximum limit of N500,000 through the Pass-Through Deposit Insurance Framework in its drive to promote financial inclusion across the broad spectrum of the economy. This followed the licensing of 21 MMOs by the Central Bank of Nigeria (CBN),” he said.

    He further added that: “In order to increase the level of financial inclusion among the 40.1 million Nigerians outside the formal financial system, the NDIC, as a member of the Financial Services Regulation Coordinating Committee (FSRCC), is proactively implementing the National Financial Inclusion Strategy by adopting various public awareness activities such as World Savings Day, promotion of financial literacy among youths in secondary schools, TV and Radio jingles, annual workshop for Business Editors and Finance Correspondents Association of Nigeria etc.”

    The Chairman of the Board of Trustees of the ACCI, Chief Emeka Obegolu, said, “The theme of this year’s trade fair is crafted in pursuant of the Federal Government vision of diversifying our economy from being a mono economy and total dependence on oil to other sectors, most especially the agro business.”

  • Polaris Bank: Normalcy returns to branches in Abuja

    Normalcy seems to have returned to Polaris Bank (former Skye Bank) branches across Abuja as staff, clients and customers were seen going about their expected and normal banking operations without itches or delay.

    It could be recalled that the now Polaris Bank was set up by the Central Bank of Nigeria (CBN) as a bridge bank to assume the assets and liabilities of the defunct Skye Bank under the strict supervision of the CBN, Asset Management Corporation of Nigeria (AMCON) and Nigeria Deposit Insurance Corporation (NDIC).

    However, bank managers and customer service officers had a constant and more than normal flow of customers making inquiries, clarifications and assurances of the safety of their funds in the bank.

    One of the banks customers, Mrs. Adeyemi, an octogenarian and a school owner, said she initially went to the bank with a resolve to withdraw or transfer all her funds to another bank.

    Read Also: CBN revokes Skye Bank’s licence

    According to her, “I came here to withdraw or transfer all my money in the bank because of the experiences I have had in the past with liquidated banks. When I heard the news about Skye Bank I almost had a heart attack; it was by God’s grace that I didn’t pass to the beyond.

    “After speaking with the branch manager today, my confidence in the bank has been restored and my fears reduced; though not totally.”

    Another customer of the bank who chose to remain anonymous, said he had a very long weekend as his mind was set on how to get out his money from the bank come Monday. He however said that his fears were assuaged after his encounter with the bank’s customer representative.

    Another customer who came to open a current account said she was assured and adequately educated by the Customers’ service representative that the bank is not in any form of crisis and that her funds are safe and secured.

    She however did not like the fact that the current account form given to her still had the Skye Bank logo; the customer service officer had to use her pen to strike out the name and wrote Polaris Bank at the top.

    The NDIC, as Deposit Insurer, has over the weekend assured customers of the continued safety of their funds in furtherance of the regulatory authority’s resolve to proactively manage potential threats to financial system stability.

    Also, employees of the defunct Skye Bank cum Polaris Bank are confident that the organization is back and better, and that they had already received their provisional employment letters as staff of the new bank. However, whether or not the legitimate fears and concern of the customers and shareholders is tenable will be a matter of time.