The Nigeria Deposit Insurance Corporation (NDIC) has restated its unwavering commitment to fiscal discipline, accountability, and transparency, reaffirming that it fully complies with all relevant financial regulations, including the Fiscal Responsibility Act (FRA) of 2007. The Corporation emphasized that it has consistently remitted the required portion of its earnings to the Federal Government in line with statutory provisions.
The Managing Director and Chief Executive Officer of NDIC, Mr. Thompson Oludare Sunday, made this disclosure during a courtesy visit to the Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang. The visit formed part of NDIC’s post-assumption engagement with key stakeholders following Mr. Sunday’s appointment in July 2025.
Speaking during the meeting, Mr. Sunday underscored that NDIC places a high premium on accountability and transparency in the management of public funds. He explained that the Corporation strictly adheres to statutory remittance obligations, including the payment of 20 per cent of its gross earnings or 80 per cent of its net surplus to the Federal Government, as applicable under existing regulations.
According to him, NDIC’s compliance with the Fiscal Responsibility Act is not merely a regulatory requirement but a reflection of its institutional values and commitment to sound corporate governance. He added that the Corporation also ensures the timely submission of its financial statements, often ahead of statutory deadlines, as part of its drive to promote openness and trust among stakeholders.
Mr. Sunday noted that this culture of compliance is critical to NDIC’s mandate as a key component of Nigeria’s financial safety-net architecture. As the body responsible for deposit insurance and the protection of depositors, NDIC plays a vital role in maintaining stability and sustaining public confidence in the nation’s banking system. He stressed that fiscal discipline and transparent financial practices are central to the Corporation’s credibility and overall effectiveness.
The NDIC boss further highlighted that strong collaboration with institutions such as MOFI is essential to achieving broader government objectives in public finance management and economic stability. He expressed appreciation for the support and cooperation of the Ministry, noting that such engagements help align institutional strategies with national fiscal priorities.
In his response, Dr. Armstrong Takang welcomed the NDIC delegation and commended the Corporation for its commitment to regulatory compliance and prudent financial management. He acknowledged NDIC’s role in strengthening Nigeria’s financial system and emphasized the importance of sustained transparency and accountability across all government-owned enterprises.
Dr. Takang also reaffirmed MOFI’s readiness to continue working closely with NDIC and other public institutions to ensure efficient management of government investments and assets. He noted that adherence to the Fiscal Responsibility Act remains critical in promoting fiscal sustainability and public trust in government institutions.
The engagement reflects NDIC’s broader strategy of reinforcing stakeholder confidence and demonstrating leadership in corporate governance. As Nigeria continues to pursue reforms aimed at strengthening fiscal discipline and financial stability, NDIC’s reaffirmation of compliance sends a strong signal of institutional responsibility and commitment to national economic objectives.
