The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has extended his congratulations to the newly appointed Managing Director and Executive Director of Operations at the Nigeria Deposit Insurance Corporation (NDIC), expressing optimism for deeper cooperation between the two financial institutions.
The gesture came during a courtesy visit on Wednesday by the NDIC’s new leadership, led by Managing Director/Chief Executive, Mr. Thompson O. Sunday, at the CBN headquarters in Abuja.
Governor Cardoso described the visit as a strong signal of both institutions’ commitment to working together, especially amid current economic uncertainties. “Our meeting today is a clear testament to our willingness to work together,” he said. “The CBN counts on NDIC’s support in navigating the uncertain times that we are in.”
He emphasized the importance of strengthening inter-agency collaboration to safeguard the financial system, noting that his tenure has underscored the need for proactive responses to potential risks using modern financial stability tools.
Cardoso welcomed the NDIC team’s visit as timely and stressed the importance of both bodies working hand in hand to mitigate financial risks and boost depositor confidence.
In his remarks, NDIC Managing Director Thompson O. Sunday praised the CBN’s ongoing reforms under Governor Cardoso’s leadership, particularly the stabilization of the foreign exchange market and the ongoing recapitalization of Deposit Money Banks.
Sunday reaffirmed NDIC’s commitment to aligning its operations with the amended NDIC Act 2023 and noted that the Corporation was undergoing a strategic restructuring process. He also disclosed that a new corporate strategy is in development, with the current one set to expire by year-end.
He expressed gratitude for the CBN’s support in premium collection from insured institutions and highlighted NDIC’s recent achievements. These include the disbursement of N54.62 billion to 691,418 depositors of the now-defunct Heritage Bank, the announcement of a 9.2 kobo per Naira liquidation dividend to uninsured depositors within a year of the bank’s closure, and ongoing efforts to establish a target funding framework.
However, Sunday also outlined challenges faced by the Corporation, including the lack of a unique identifier such as the Bank Verification Number (BVN) for corporate clients and difficulties collecting premiums from institutions without CBN accounts. He expressed a desire to work with the CBN to resolve these issues.
He further proposed the development of a joint crisis preparedness framework to improve crisis response across both institutions.
Responding, Mrs. Rita Sike, Director of the Financial Policy and Regulation Department at the CBN, noted that such a framework could be advanced through the Financial Services Regulation Coordinating Committee (FSRCC). She added that the CBN was enhancing its Credit Risk Management System (CRMS) to integrate the Global Standing Instruction (GSI), which would enable the inclusion of Other Financial Institutions (OFIs).
The NDIC delegation included Dr. Kabir Katata, Executive Director, Operations; Mr. Yakubu Shehu, Director, Human Resources; Mr. Olufemi Kushimo, Director, Legal Department; and Mrs. Regina Dimlong, Assistant Director, Communications & Public Affairs.
The CBN team also featured Mrs. Rita Sike; Mr. Nnadi Maduka of the Corporate Communication Department; and Mrs. Salamatu Jubril-Adeniji of the Compliance Department.
