The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Sunday, has called for stronger collaboration between the NDIC and the Chartered Institute of Bankers of Nigeria (CIBN) to effectively address emerging risks and disruptions in the financial sector.
Mr. Sunday made the call during a recent courtesy visit by the President/Chairman of Council of the CIBN, Prof. Pius Olanrewaju and members of his executive team to the NDIC head office in Abuja.
He stressed the importance of deepening institutional partnerships in tackling new challenges facing the financial industry, particularly in digital banking, cybersecurity, fraud prevention, and risk management.
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According to him, “while the phenomena of these emerging issues are on the rise, regulators and operators must come together to proffer solutions that build a stronger financial ecosystem capable of withstanding the vagaries of innovation and delivering value to the economy.”
The NDIC boss also commended the CIBN for its consistent contribution to the growth and professionalism of Nigeria’s banking sector, urging the Institute to work more closely with regulators in developing innovative failure resolution strategies that would enhance the sector’s overall resilience.
Mr. Sunday reaffirmed NDIC’s commitment to supporting professional institutions like the CIBN in designing and implementing initiatives that promote innovation, strengthen risk management frameworks, and ensure long-term financial system stability.
In his remarks, the President/Chairman of Council of the CIBN, Prof. Pius Deji Olanrewaju, congratulated Mr. Sunday on his appointment as the Managing Director/Chief Executive of the Corporation. He expressed confidence in his leadership, describing him as a seasoned professional capable of sustaining public trust in the NDIC.
Prof. Olanrewaju commended the Corporation for its recent achievements, particularly the upward review of deposit insurance coverage to boost depositor confidence, the deployment of technology that expedited reimbursement of depositors of the defunct Heritage Bank, and the swift commencement of liquidation dividend payments within one year of the bank’s closure.
He noted that these milestones have “significantly strengthened depositor and investor confidence in the financial system.”
The CIBN President also lauded NDIC’s active role on the Institute’s Governing Council, stating that its participation has enriched the Council’s oversight, policy formulation, and ethical governance.
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