Yemisi Izuora
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to continuously strengthening its Deposit Insurance Funds (DIFs) as part of efforts to promote the stability and resilience of the nation’s financial system.
The Managing Director/Chief Executive of the Corporation, Mr. Thompson Oludare Sunday, stated this during a courtesy visit to the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, in Abuja.
Mr. Sunday explained that the need to build strong Deposit Insurance Funds is critical to enhancing the Corporation’s capacity to respond effectively to potential systemic crises in the banking sector without relying on government intervention.
He noted that while financial crises may be inevitable, the NDIC has consistently prioritised robust DIFs as a key component of its contingency planning and crisis preparedness framework. According to him, this strategic approach enabled the Corporation to commence payments to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours following the revocation of their operating licences by the Central Bank of Nigeria in December 2025.
The NDIC Boss further stated that the Corporation would continue to strengthen institutional collaboration with the Budget Office of the Federation and align its operations with the national budgetary framework. He added that the NDIC remains committed to working closely with the Budget Office to promote evidence-based planning and enhance its contributions to national economic growth and development.
Mr. Sunday also underscored the importance of the Federal Government’s vision of building a one-trillion-dollar economy by 2030, assuring that the NDIC would continue to play a significant role in supporting the realization of that goal.
In his remarks, the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, commended the NDIC for its transparency in managing the Deposit Insurance Funds.
He urged the Corporation to leverage technology-driven investment strategies to further strengthen the funds for the protection of depositors in the event of bank failures and to sustain public confidence in the financial system. He also encouraged the NDIC to benchmark its investment instruments against global best practices adopted by other deposit insurance institutions to further consolidate its funding framework.