The Nigeria Deposit Insurance Corporation (NDIC) and the Chartered Institute of Bankers of Nigeria (CIBN) have agreed to deepen collaboration in addressing emerging challenges in the nation’s financial system, including issues related to digital banking, cybersecurity, and fraud prevention.
This was the highlight of a courtesy visit by the President and Chairman of Council of the CIBN, Prof. Pius Deji Olanrewaju, and members of his executive team to the NDIC Headquarters in Abuja, where they were received by the Managing Director and Chief Executive of the Corporation, Mr. Thompson Oludare Sunday.
Speaking during the visit, Mr. Sunday emphasised the need for a stronger partnership between the two institutions in tackling evolving risks confronting the financial services sector. He noted that the growing complexities of modern banking demand innovative and collaborative responses from regulators and operators alike.
According to him, “The phenomena of emerging issues are on the rise, and it is imperative for regulators and operators to come together to develop solutions that strengthen the financial ecosystem and ensure its capacity to withstand the dynamics of technological innovations.”
The NDIC boss commended the CIBN for its longstanding contribution to professionalism and ethical conduct within the banking industry. He urged the Institute to work more closely with regulatory bodies in designing modern failure-resolution strategies capable of enhancing the overall resilience of Nigeria’s banking sector.
He further reaffirmed the NDIC’s commitment to supporting professional institutions like the CIBN in implementing programmes that encourage innovation while maintaining strong risk management frameworks and promoting financial system stability.
In his remarks, the CIBN President, Prof. Olanrewaju, congratulated Mr. Sunday on his appointment as Managing Director/Chief Executive of the NDIC, expressing confidence in his leadership and capacity to sustain the Corporation’s integrity and public trust.
He commended the NDIC for its remarkable achievements in recent months, particularly the upward review of deposit insurance coverage designed to bolster depositor confidence, the adoption of technology to expedite reimbursement to depositors of the defunct Heritage Bank, and the prompt commencement of liquidation dividend payments within a year of the bank’s closure.
“These accomplishments,” he said, “have greatly strengthened public confidence in Nigeria’s banking system and demonstrated the NDIC’s commitment to financial system stability.”
He also lauded the NDIC’s active role as a member of the CIBN Governing Council, noting that its participation has contributed significantly to improving the Council’s oversight, policy direction, and ethical leadership.