By Seun Ibiyemi
The Nigeria Deposit Insurance Corporation (NDIC) 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, made this known 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 is essential to boosting the Corporation’s capacity to respond effectively to potential systemic crises in the banking sector without depending on government intervention.
He noted that although financial crises may be unavoidable, the NDIC has consistently prioritised the strengthening of its DIFs as part of its contingency planning and crisis preparedness framework.
L– R: Executive Director, Corporate Services, Nigeria Deposit Insurance Corporation (NDIC) Emily Osuji; Managing Director/Chief Executive, Thompson Oludare Sunday; Director-General, Budget Office of the Federation (BOF), Tanimu Yakubu; and NDIC’s Executive Director, Operations, Kabir S. Katata during a courtesy visit by the NDIC’s Executive Management Team to the DG, BOF in Abuja.
The NDIC boss explained that the Corporation’s strategy enabled it to begin payments to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours after the Central Bank of Nigeria revoked the operating licences of the institutions in December 2025.
Mr. Sunday further stated that the Corporation would continue to deepen institutional collaboration with the Budget Office of the Federation while aligning its operations with the national budgetary framework.
He added that the NDIC remains committed to evidence-based planning and would continue to support national economic growth and development through stronger collaboration with relevant government institutions.
The NDIC chief also highlighted the Federal Government’s vision of building a one-trillion-dollar economy by 2030, assuring that the Corporation would continue to play a key role in supporting the realisation of the target.
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In his remarks, Mr. Yakubu commended the NDIC for its transparency in managing the Deposit Insurance Funds and 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.
He also advised the NDIC to benchmark its investment instruments against global best practices adopted by other deposit insurance institutions in order to consolidate its funding framework and sustain public confidence in the financial system.
