The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has congratulated the newly appointed Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson O. Sunday, and the Executive Director, Operations, Dr. Kabir Katata, reaffirming the CBN’s commitment to deepening collaboration with the NDIC to ensure financial system stability.
Cardoso made the remarks during a courtesy visit by the NDIC leadership team to the CBN headquarters in Abuja on Wednesday.
“Our meeting today is a clear testament to our willingness to work together. The CBN counts on NDIC’s support in navigating the uncertain times that we are in,” the CBN Governor stated.
He stressed the importance of joint action between both institutions, especially in the face of ongoing economic challenges, noting that proactive use of modern tools is necessary to maintain depositor confidence and prevent systemic risks.
In his address, NDIC MD/CE Mr. Sunday commended the CBN’s recent reforms, including forex market stabilization and the ongoing recapitalization of Deposit Money Banks. He disclosed that the NDIC was embarking on a strategic restructuring aligned with its amended mandate under the NDIC Act 2023, and would soon roll out a new corporate strategy.
Highlighting recent achievements, Sunday revealed that NDIC had paid N54.62 billion to 691,418 depositors of the defunct Heritage Bank, and declared a liquidation dividend of 9.2 kobo per Naira to uninsured depositors within one year of the bank’s closure.
He also identified key challenges such as the lack of Bank Verification Numbers (BVN) for corporate customers and difficulty in premium collection from some insured institutions. He called for the CBN’s support in addressing these gaps and proposed a joint crisis preparedness framework.
Responding, Mrs. Rita Sike, CBN Director of Financial Policy and Regulation, noted that the proposed framework could be handled under the Financial Services Regulation Coordinating Committee (FSRCC). She added that the CBN was working on enhancing the Credit Risk Management System (CRMS) to integrate the Global Standing Instruction (GSI), allowing Other Financial Institutions (OFIs) to be onboarded.
The NDIC delegation also included Mr. Yakubu Shehu (Director, Human Resources), Mr. Olufemi Kushimo (Director, Legal Department), and Mrs. Regina Dimlong (Assistant Director, Communications & Public Affairs).
The CBN was also represented by Mr. Nnadi Maduka (Corporate Communications) and Mrs. Salamatu Jubril-Adeniji (Compliance Department).
