The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Oludare Sunday, has urged the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to deepen its collaboration with the corporation, particularly in the valuation of assets belonging to failed banks.
In a statement issued after a courtesy visit by NIESV’s President and Chairman of Council, Dr. Victor Adekunle Alonge, to the NDIC headquarters in Abuja, Sunday said accurate asset valuation is central to the corporation’s mandate of liquidating closed financial institutions and reimbursing depositors.
He noted that NDIC depends heavily on credible valuation reports to determine the true worth of assets recovered from failed banks, ensuring they are sold at optimal market value. According to him, proceeds from these sales are used to settle depositors whose balances exceed the insured limit, making transparency and professionalism essential to safeguarding public funds.
Sunday called on the NIESV leadership to uphold the highest ethical standards and protect the valuation process from insider abuse. He added that NDIC is enhancing its internal systems through the development of a comprehensive Asset Management Policy, which will outline procedures for asset identification, documentation, valuation, disposal, and recovery.
He also stressed the importance of joint training initiatives and knowledge exchange between both institutions, especially in emerging valuation techniques, sustainable valuation, and asset management.
Responding, NIESV President Victor Alonge reaffirmed the institution’s commitment to professionalism and integrity. He highlighted that NIESV, established by an Act of Parliament, maintains strict disciplinary mechanisms to sanction members who violate professional ethics.
Alonge pledged continued cooperation and technical support to the NDIC, emphasizing that the partnership is critical to strengthening service delivery, improving asset disposal outcomes, and bolstering public confidence in the financial sector.
The visit, according to both parties, reinforces their shared commitment to enhancing professional standards and improving the effectiveness of Nigeria’s bank liquidation framework.
