The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to strengthening its Deposit Insurance Funds as part of efforts to enhance the stability and resilience of Nigeria’s financial system.
The 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.
Sunday said building strong Deposit Insurance Funds was critical to improving the NDIC’s ability to respond effectively to potential systemic crises in the banking sector without depending on government intervention.
According to him, although financial crises may be unavoidable, the corporation has consistently prioritised robust insurance funds as a key aspect of its contingency planning and crisis preparedness strategy.
He noted that the approach enabled the NDIC to begin 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 also 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 corporation remained committed to promoting evidence-based planning and supporting national economic growth and development.
Sunday further stressed the importance of the Federal Government’s target of building a one-trillion-dollar economy by 2030, assuring that the NDIC would continue to play a key role in supporting the realisation of the goal.
In his remarks, Yakubu commended the NDIC for transparency in managing the Deposit Insurance Funds and urged the corporation to adopt technology-driven investment strategies to further strengthen the funds and protect 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 to further consolidate its funding framework.