The Nigeria Deposit Insurance Corporation (NDIC) has urged Nigerian banks to strengthen their risk management systems, corporate governance and operational capacity to withstand growing threats to the financial sector.
NDIC Managing Director, Thompson Sunday, gave the warning at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
He said rapid technological development, cyber threats, climate-related risks, geopolitical tensions and changing customer expectations are creating new challenges for banks.
According to him, banks can no longer depend only on traditional methods of managing risks. They need stronger systems that can identify emerging threats early, respond to them and recover quickly when problems occur.
Sunday explained that financial resilience is not only about surviving economic or operational shocks. It is also about maintaining the strength of financial institutions and keeping the confidence of customers.The NDIC therefore called on banks to improve their preparedness and ensure that their systems can withstand disruptions while continuing to provide essential services to customers.
