The Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has called for enhanced collaboration between the Corporation and the Chartered Institute of Bankers of Nigeria (CIBN) to address emerging risks and challenges within Nigeria’s banking sector.
Mr. Sunday made the call during a courtesy visit by the President and Chairman of Council of the CIBN, Prof. Pius Deji Olanrewaju, and members of his executive team to the NDIC Head Office in Abuja.
The NDIC Chief Executive emphasized the importance of a stronger partnership between both institutions in critical areas such as digital banking, cybersecurity, fraud and forgery prevention, and sound risk management.
He noted that with the rapid evolution of technology and innovations within the financial system, regulators and operators must work together to develop robust solutions that ensure the stability and resilience of the banking ecosystem.
“While these emerging issues are on the rise, regulators and operators must come together to proffer solutions that help build a stronger financial ecosystem capable of withstanding the vagaries of innovation to deliver value to the economy,” he said.
Commending the CIBN’s growth and contributions to the banking industry, Mr. Sunday urged the Institute to deepen its collaboration with regulators to design innovative failure resolution strategies that would enhance the overall strength and confidence of the financial system.
He reaffirmed NDIC’s commitment to supporting professional institutions such as the CIBN in implementing programs that promote innovation, sound risk management, and financial system stability.
In his remarks, CIBN President Prof. Pius Deji Olanrewaju congratulated Mr. Sunday on his appointment as NDIC Managing Director, expressing confidence in his capacity to uphold the Corporation’s credibility and deliver on its mandate.
Prof. Olanrewaju commended NDIC’s milestone achievements, including the upward review of deposit insurance coverage, the deployment of technology for quick reimbursement of depositors following the liquidation of Heritage Bank, and the timely payment of liquidation dividends within one year of the bank’s closure.
He noted that these accomplishments have significantly boosted public and investor confidence in Nigeria’s banking system.
The CIBN President also appreciated NDIC’s active role as a member of the Institute’s Governing Council, acknowledging its invaluable contributions to policy direction, ethical leadership, and institutional oversight.
