The Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has called for stronger collaboration between the Corporation and the Chartered Institute of Bankers of Nigeria (CIBN) to address emerging risks in the country’s banking and financial system.
Mr. Sunday made the call on Thursday during a courtesy visit to the NDIC headquarters in Abuja by the CIBN President and Chairman of Council, Professor Pius Deji Olanrewaju, accompanied by members of his executive team.
He emphasized the need for enhanced partnership between both institutions in key areas such as digital banking, cybersecurity, fraud and forgery prevention, and risk management. According to him, the fast-paced evolution of the financial sector, driven by technological innovation and digital transformation, demands closer cooperation between regulators and operators to maintain financial stability.
“The phenomena of these emerging issues are on the rise, and regulators and operators must come together to proffer solutions that will build a stronger financial ecosystem capable of withstanding the vagaries of innovation while delivering value to the economy,” Sunday said.
The NDIC boss commended the CIBN for its contributions to professionalism and ethical standards in the banking sector, urging the Institute to deepen its collaboration with regulators in developing innovative failure-resolution strategies to strengthen the resilience of Nigeria’s financial system.
He reaffirmed NDIC’s commitment to supporting professional institutions like the CIBN in implementing programmes that promote innovation while upholding robust risk management frameworks and ensuring overall system stability.
In his remarks, Professor Olanrewaju congratulated Sunday on his appointment as NDIC Managing Director and expressed confidence in his leadership to sustain public trust in the Corporation.
The CIBN president also praised the NDIC for its “notable milestones,” including the upward review of deposit insurance coverage, the use of technology to accelerate payments to depositors of the defunct Heritage Bank, and the commencement of liquidation dividend payments within a year of the bank’s closure.
The meeting underscored both institutions shared commitment to strengthening Nigeria’s banking system through collaboration, innovation, and sound risk management practices.
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