NDIC Reaffirms Commitment to Strong Deposit Insurance Funding for Financial Stability
Oru Leonard
The Nigeria Deposit Insurance Corporation has reaffirmed its commitment to strengthening its Deposit Insurance Funds (DIFs) to enhance the stability and resilience of Nigeria’s financial system.
Managing Director and Chief Executive of the Corporation, Thompson Oludare Sunday, stated this during a courtesy visit to the Director-General of the Budget Office of the Federation, Tanimu Yakubu, in Abuja.
According to Mr. Sunday, maintaining strong Deposit Insurance Funds remains critical to the Corporation’s ability to respond effectively to potential systemic crises in the banking sector without relying on government intervention. He noted that although financial crises may be inevitable, the NDIC has consistently prioritised robust DIFs as part of its contingency planning and crisis preparedness strategy.
He explained that the Corporation’s preparedness enabled it to commence payments to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours after the revocation of their operating licences by the Central Bank of Nigeria in December 2025.
The NDIC boss further said the Corporation would continue to strengthen 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 evidence-based planning and supporting national economic growth and development.
Mr. Sunday also underscored the Federal Government’s ambition of building a one-trillion-dollar economy by 2030, assuring that the NDIC would continue to play a key role in supporting the achievement of the target.
In his remarks, Mr. Yakubu commended the NDIC for transparency in the management of its Deposit Insurance Funds. He urged the Corporation to adopt technology-driven investment strategies to further strengthen the funds for the protection of depositors in the event of bank failures and 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.
