The Nigeria Deposit Insurance Corporation (NDIC) and the Chartered Institute of Bankers of Nigeria (CIBN) have reaffirmed their commitment to deepening collaboration in addressing emerging challenges within the nation’s financial sector.
Speaking during a courtesy visit by the CIBN President, Prof. Pius Olanrewaju, and members of his executive team to the NDIC Headquarters in Abuja, the Managing Director of NDIC, Mr. Thompson Sunday, called for stronger synergy between both institutions in tackling new and evolving risks confronting the banking industry.
Sunday highlighted key areas for partnership, including digital banking, cybersecurity, fraud prevention, and sound risk management. He stressed that regulators and operators must work together to strengthen the financial system’s resilience amid rapid technological innovation and evolving threats.
“As the financial landscape continues to evolve, collaboration is essential to safeguard stability,” Sunday said. “We must collectively develop solutions that will build a stronger ecosystem capable of withstanding emerging risks and delivering sustainable value to the economy.”
The NDIC boss commended the CIBN for its longstanding contributions to professional development within the banking industry and urged the Institute to work more closely with regulators in developing innovative failure-resolution strategies that can enhance sector-wide resilience.
He further reaffirmed the NDIC’s readiness to support professional bodies like the CIBN in designing and implementing initiatives that promote innovation while ensuring effective risk management and financial system stability.
In his remarks, CIBN President Prof. Olanrewaju congratulated Sunday on his appointment as NDIC Managing Director, expressing confidence in his leadership and the Corporation’s continued commitment to depositor protection.
Olanrewaju commended the NDIC for its recent achievements, including the upward review of deposit insurance coverage, which he said has bolstered public confidence in the banking system. He also lauded the Corporation’s swift deployment of technology in reimbursing depositors of the defunct Heritage Bank and the prompt commencement of liquidation dividend payments within one year of the bank’s closure.
“These milestones are clear demonstrations of the NDIC’s commitment to protecting depositors and maintaining trust in the financial system,” Olanrewaju said.
He also acknowledged the NDIC’s active role in the CIBN Governing Council, noting that the Corporation’s participation has strengthened policy direction, ethical leadership, and the overall governance framework of the Institute.
