The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has called for strengthened collaboration with the Nigerian Institution of Estate Surveyors & Valuers (NIESV), noting that the Corporation depends heavily on the professional accuracy of valuers in determining the true worth of assets of failed banks.
Mr. Sunday made the appeal during a courtesy visit by the President and Chairman of Council of NIESV, Dr. Victor Adekunle Alonge, alongside members of his executive team, to the NDIC Head Office in Abuja.
He explained that precise and credible valuation reports are essential during bank liquidation, as they enable the NDIC to sell recovered assets at optimal value. According to him, proceeds from such sales are used to settle depositors whose balances exceed the insured limit, making professionalism in valuation a direct contributor to depositor protection.
“Accurate valuation is at the heart of transparency, fairness, and value-for-money in the disposal of assets,” the NDIC boss said. “The work of NIESV members directly supports financial stability by ensuring that depositors receive the right value during liquidation processes.”
Mr. Sunday also urged the NIESV leadership to uphold the highest ethical standards and guard against insider abuse, noting that professionalism is crucial for integrity in asset disposal. He revealed that the NDIC is currently strengthening its internal frameworks, including developing a comprehensive Asset Management Policy that will guide asset identification, documentation, valuation procedures, disposal strategies, and ensure accountability in recoveries.
He further emphasized the Corporation’s openness to enhanced collaboration through joint training, knowledge exchange, and capacity building in modern valuation methodologies, asset management practices, and sustainable valuation techniques.
Responding, NIESV President Dr. Victor Adekunle Alonge reaffirmed the Institution’s commitment to professionalism and integrity. He noted that NIESV, established by an Act of Parliament, maintains strict disciplinary processes to sanction unethical behaviour among its members. Dr. Alonge assured the NDIC of sustained cooperation and technical support, stressing that the partnership is vital to improving service delivery and strengthening public trust in the banking system.
The visit reinforced the shared commitment of both institutions to promoting professional excellence, strengthening the bank liquidation process, and enhancing overall stability in Nigeria’s financial sector.