The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to strengthening Nigeria’s financial system by expanding strategic collaboration with the Nigerian Institution of Estate Surveyors and Valuers (NIESV). Managing Director/Chief Executive of the NDIC, Mr. Thompson Sunday, made this known during a courtesy visit by the NIESV President/Chairman of Council, Dr. ESV Victor Adekunle Alonge, and his team to the Corporation’s Head Office in Abuja.
Mr. Sunday explained that accurate and credible valuation of assets is central to the Corporation’s mandate, especially during the liquidation of failed banks. According to him, NDIC depends heavily on NIESV members to produce professional valuation reports that ensure assets of closed banks are sold at optimal value. These proceeds, he noted, are crucial for reimbursing depositors whose balances exceed the insured limit.
The NDIC Chief Executive stressed that credible valuation directly contributes to financial stability by ensuring transparency, fairness, and accountability throughout the liquidation and recovery process. He warned against insider abuse and called on NIESV leaders to uphold the highest ethical standards in service delivery, emphasizing that professionalism in valuation remains a critical safeguard for depositor protection.
Speaking further, Mr. Sunday revealed that the Corporation is strengthening its internal systems through the development of a comprehensive Asset Management Policy. The policy will guide asset identification, documentation, valuation procedures, disposal strategies, and ensure enhanced accountability in recoveries. He also expressed NDIC’s readiness to deepen joint training and knowledge-sharing initiatives with NIESV, particularly in areas such as modern valuation methodologies and sustainable asset management practices.
In response, NIESV President, Dr. Alonge, affirmed the Institution’s dedication to professionalism and integrity. He highlighted that NIESV, established by an Act of Parliament, maintains strict disciplinary procedures to sanction unethical behaviour among its members. Dr. Alonge reassured the Corporation of continued cooperation, noting that NIESV remains committed to supporting NDIC in strengthening the bank liquidation process and boosting public confidence in the financial system.
The visit underscored the shared commitment of both organisations to deepen collaboration, enhance professional standards, and protect the integrity of Nigeria’s financial landscape.
