NDIC, CIBN deepen partnership to tackle risks in Nigeria’s financial sector
By Seun Ibiyemi
The Nigeria Deposit Insurance Corporation (NDIC) and the Chartered Institute of Bankers of Nigeria (CIBN) have pledged to strengthen collaboration in addressing emerging issues in the country’s financial system, particularly in areas of digital banking, cybersecurity, and risk management.
The Managing Director and Chief Executive Officer of NDIC, Mr. Thompson Oludare Sunday, made this known during a courtesy visit by the President and Chairman of Council of CIBN, Prof. Pius Deji Olanrewaju, and members of his executive team to the NDIC Headquarters in Abuja.
Mr. Sunday emphasized the need for stronger partnerships among regulators and professional bodies to confront challenges arising from rapid technological innovations in the banking industry.
He stated that regulators and operators must work together to develop sustainable solutions capable of building a resilient financial ecosystem that delivers value to the economy.
Commending CIBN’s growth and its positive impact on the banking profession, the NDIC boss urged the Institute to take a more active role in collaborating with regulators to design innovative failure resolution strategies that will enhance the stability and resilience of Nigeria’s banking sector.
Mr. Sunday reaffirmed NDIC’s commitment to supporting professional institutions such as the CIBN in implementing programs that encourage innovation while upholding sound risk management practices and ensuring financial system stability.
In his remarks, Prof. Olanrewaju congratulated Mr. Sunday on his appointment as NDIC Managing Director and expressed confidence in his leadership and expertise.
He commended NDIC for its remarkable achievements, including the upward review of deposit insurance coverage, the use of technology to expedite payments to depositors of the defunct Heritage Bank, and the prompt commencement of liquidation dividend payments within a year of the bank’s closure.
According to him, these actions have significantly bolstered depositor and investor confidence in the financial system.
Prof. Olanrewaju also appreciated NDIC’s invaluable contributions as a member of the CIBN Governing Council, noting that its participation has strengthened the Council’s oversight functions, policy formulation, and ethical leadership.
The meeting concluded with both institutions reaffirming their shared commitment to enhancing professional collaboration and maintaining public confidence in Nigeria’s banking and financial ecosystem.