The Nigeria Deposit Insurance Corporation (NDIC), has underscored the necessity of a deeper collaboration with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to ensure accurate valuation of assets from failed banks.
NDIC described the process as central to protecting depositors and safeguarding financial stability.
The Managing Director and Chief Executive of NDIC, Oludare Sunday, said precise and credible valuation reports are indispensable during the liquidation of failed banks because they determine whether assets are sold at their true worth.
He said, “Proceeds from the sale of these assets are applied toward the payment of depositors’ balances above the insured amount, making accuracy and professionalism in valuation essential to protecting depositor funds.”
Sunday said NIESV’s technical input and professional integrity directly support financial stability by ensuring transparency, fairness, and value-for-money in asset disposal and recovery processes.
He urged the Institution to continue to uphold the highest ethical standards and guard against insider abuse, noting that NDIC is also strengthening its internal frameworks.
The clarification was contained in a statement by the Corporation’s Head of Communication and Public Affairs Department, Hawwau Gambo, following a courtesy visit by the President and Chairman of the Council of NIESV, Dr. Victor Adekunle Alonge, and his executive team to the NDIC Head Office in Abuja.
He disclosed that the Corporation is implementing a comprehensive Asset Management Policy that covers asset identification, valuation procedures, disposal strategies, and strict accountability in recoveries, all aimed at improving the bank liquidation process.
The NDIC Chief Executive also underscored the need for continuous knowledge sharing, calling for joint training programmes between NDIC staff and NIESV members, especially in emerging valuation methodologies and sustainable asset management practices.
Responding, Dr Alonge reaffirmed NIESV’s commitment to professionalism, accountability, and integrity, stressing that the Institution, established by an Act of Parliament, maintains strong disciplinary mechanisms to address unethical behaviour among practitioners.
He however, assured that NIESV would continue to provide technical support to NDIC to enhance service delivery and strengthen public confidence in the banking system.
The visit, both institutions noted, reflects a shared resolve to deepen collaboration, elevate professional standards, and improve the management of assets from failed banks, a key factor in reinforcing stability across Nigeria’s financial sector.