Nigeria’s Deposit Insurer Woos Central Bank, Seeks Stronger Partnership On Emerging Issues In Financial Sector

Caption: President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Deji Pius Olanrewaju (left), presenting the Institute’s Commendation Plaque to the Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation, (NDIC), Mr. Thomson Oludare Sunday during a courtesy visit at the Corporation’s Head Office in Abuja.

The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Thompson Oludare Sunday, on Thursday called for enhanced collaboration with the Chartered Institute of Bankers of Nigeria (CIBN) to address emerging risks and challenges within the country’s banking sector.

Speaking during a courtesy visit by the President/Chairman of Council of the CIBN, Prof. Pius Deji Olanrewaju, and members of his executive team to the NDIC Head Office, Abuja, the NDIC boss emphasized the need for stronger partnership between both institutions in critical areas such as digital banking, cyber-security, fraud and forgery prevention, and sound risk management. 

He noted that while the phenomena of the emerging issues are on the rise, regulators and operators must come together to proffer solutions which help build a stronger financial ecosystem that withstands the vagaries of the innovations to deliver value to the economy.

While commending the growth of the CIBN as a professional body over the years, and its positive impact on the banking system, Hawwau Gambo, head, Communication & Public Affairs Department at NDIC quoted her boss as further charging the Institute to take critical interest in working more closely with regulators to fashion innovative failure resolution strategies that strengthen the overall resilience of the banking sector.

The NDIC boss reiterated the corporation’s commitment to supporting professional institutions such as the CIBN in developing and implementing programmes that foster innovation while maintaining sound risk management frameworks and financial system stability.

On his part, Prof. Olanrewaju congratulated the new NDIC helmsman on his recent appointment, expressing confidence in his capacity to uphold the trust reposed in the corporation by the public based on his sound track record and expertise.

He particularly commended the NDIC for its notable milestone achievements, highlighting the upward review of deposit insurance coverage aimed at strengthening public confidence in the banking system; the deployment of technology to expedite the reimbursement of depositors of the failed Heritage Bank; and the commencement of liquidation dividend payments within one year of the bank’s closure. Prof. Olanrewaju noted that these accomplishments have significantly enhanced depositor and investor confidence in the financial system.

The CIBN President also expressed appreciation to the NDIC for its invaluable contributions and active role as a member of the Institute’s Governing Council, noting that its participation has greatly strengthened the Council’s oversight functions, policy direction, and ethical leadership.