NDIC Reiterates Commitment to Strong Deposit Insurance Funding to Enhance Financial System Stability

L – R: Executive Director, Corporate Services, Nigeria Deposit Insurance Corporation (NDIC), Emily Osuji; Managing Director/Chief Executive, Thompson Oludare Sunday; Director-General, Budget Office of the Federation (BOF), Tanimu Yakubu and NDIC’s Executive Director, Operations, Kabir S. Katata during a courtesy visit by the NDIC’s Executive Management Team to the DG, BOF in Abuja.

The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to continuously strengthening its Deposit Insurance Funds (DIFs) as part of efforts to promote the stability and resilience of the nation’s financial system.

The Managing Director/Chief Executive of the Corporation, Mr. Thompson Oludare Sunday, stated this during a courtesy visit to the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, in Abuja.

Sunday explained that the need to build strong Deposit Insurance Funds is critical to enhancing the Corporation’s capacity to respond effectively to potential systemic crises in the banking sector without relying on government intervention.

He noted that while financial crises may be inevitable, the NDIC has consistently prioritised robust DIFs as a key component of its contingency planning and crisis preparedness framework.

According to him, this strategic approach enabled the Corporation to commence payments to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours following the revocation of their operating licences by the Central Bank of Nigeria in December 2025.

The NDIC Boss further stated that the Corporation would continue to strengthen institutional collaboration with the Budget Office of the Federation and align its operations with the national budgetary framework. He added that the NDIC remains committed to working closely with the Budget Office to promote evidence-based planning and enhance its contributions to national economic growth and development.

Sunday also underscored the importance of the Federal Government’s vision of building a one-trillion-dollar economy by 2030, assuring that the NDIC would continue to play a significant role in supporting the realisation of that goal.

In his remarks, the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, commended the NDIC for its transparency in managing the Deposit Insurance Funds.

He urged the Corporation to leverage technology-driven investment strategies to further strengthen the funds for the protection of depositors in the event of bank failures and to sustain public confidence in the financial system.

He also encouraged the NDIC to benchmark its investment instruments against global best practices adopted by other deposit insurance institutions to further consolidate its funding framework.

 

Hot this week

Rethinking How Nigeria Supports SME Growth

  By Olajumoke Bello Head, Enterprise Banking Stanbic IBTC Bank Across Nigeria, small...

Customers Applaud Mutual Benefits as Insurer Pays Over ₦3.9bn in Claims

Mutual Benefits Assurance Plc has reaffirmed its unwavering commitment...

FG: Local Content Must Create Value for Nigerians

By Olu Verheijen For twenty-five years, NOG Energy Week has...

NAICOM Boss, Segun Omosehin, Extols Yetunde Ilori’s Leadership at CIIN, Reaffirms Commitment to Institute

L-R: Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner, Finance and...

NAICOM Holds One-Day Training for Police Officers on Compliance with Compulsory Insurance Policies

The National Insurance Commission (NAICOM) has organised a one-day...

Topics

2023: Emefiele Mum as Rice Farmers Purchase N100m APC Presidential Form for CBN Gov

Ahead of the 2023 presidential race, three different groups...

Rosatom, YLB Partner on Lithium Mining and Production in Bolivia

Uranium One Group JSC (an entity of the ROSATOM...

NAICOM, STI Communication Managers Win 2021 NAIPCO Award

Mr. Rasaaq Salami, Head, Corporate Communications and Market Development...

NIA: ‘Nobody is Forcing Insurers to Donate N10m to Covid-19 Fight’

  Mr. Tope Smart Chairman Nigerian Insurers Association The 57 insurance companies in...

NSE Unveils Composition of New Market Indices July 1

The Nigerian Stock Exchange (NSE) will unveil the composition of new market indices on Wednesday, July 1, 2015. This follows the results of the bi-annual review for The NSE 30 and the five sectoral indices of The Exchange - The NSE Banking, The NSE Consumer Goods, The NSE Oil & Gas, The NSE Industrial and The NSE Insurance. The Nigerian bourse began publishing The NSE 30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NSE developed four sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors. The sectoral indices comprise of the top 10 most capitalised and liquid companies in the Banking, Insurance and Food/Beverage & Tobacco (now Consumer Goods) sectors and the top five most capitalised and liquid companies in the Oil & Gas (Petroleum Marketing) sector.

Total, French Embassy Collaborate on Educational Dev in Nigeria

A joint scholarship scheme ("TQJS") titled TEPNG/ Quai d’Orsay,...

Beyonic, Accord to Transform Mobile Money in Africa

Beyonic, a technology company that aims to eliminate rampant use of cash in emerging markets, is announcing a partnership with Mobile Accord that will make Beyonic the largest mobile money aggregator in Africa. Beyonic currently operates in Uganda and Kenya, and will leverage Mobile Accord’s expertise in building mobile solutions and relationships with leading mobile carriers to bring Beyonic’s platform to 25 additional countries.

IEI COO, Uyi Osagie, Lays Mother to Rest in Edo State

From 3rd Left: Chief Operating Officer, Uyi Osagie; Managing...