The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to strengthening its Deposit Insurance Funds as part of efforts to enhance the stability and resilience of Nigeria’s financial system.
The Managing Director and Chief Executive of the Corporation, Thompson Oludare Sunday, stated this during a courtesy visit to the Director-General of the Budget Office of the Federation, Tanimu Yakubu, in Abuja.
Sunday explained that building strong Deposit Insurance Funds remains critical to improving the Corporation’s ability to respond effectively to potential crises within the banking sector without depending on government intervention.
According to him, although financial crises may be unavoidable, the NDIC has consistently prioritised robust insurance funds as a key component of its contingency planning and crisis preparedness strategy.
He noted that the Corporation’s preparedness enabled it to begin payments to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours after the revocation of their operating licences by the Central Bank of Nigeria in December 2025.
Sunday further stated that the NDIC would continue strengthening collaboration with the Budget Office of the Federation while aligning its operations with the national budgetary framework.
He added that the Corporation remains committed to promoting evidence-based planning and contributing to Nigeria’s economic growth and development objectives.
The NDIC boss also highlighted the importance of the Federal Government’s vision of building a one-trillion-dollar economy by 2030, assuring that the Corporation would continue supporting efforts aimed at achieving that target.
In his remarks, Yakubu commended the NDIC for maintaining transparency in the management of its Deposit Insurance Funds.
He encouraged the Corporation to adopt technology-driven investment strategies to further strengthen the funds and improve depositor protection in the event of bank failures.
Yakubu also urged the NDIC to benchmark its investment instruments against international best practices adopted by leading deposit insurance institutions globally.
According to him, this approach would help consolidate the Corporation’s funding framework while sustaining public confidence in Nigeria’s banking system.
The NDIC plays a critical role in safeguarding depositors and maintaining stability within the country’s financial sector by providing insurance coverage for deposits held in licensed financial institutions.
