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  • NDIC, EFCC renew commitment to joint fight against financial crimes

    NDIC, EFCC renew commitment to joint fight against financial crimes

    The Nigeria Deposit Insurance Corporation (NDIC) and the Economic and Financial Crimes Commission (EFCC) have reaffirmed their commitment to deepening collaboration in combating financial crimes, with particular emphasis on asset recovery and the prosecution of individuals whose actions undermine the stability of Nigeria’s banking system.

    The NDIC restated its resolve to strengthen cooperation with the anti-graft agency to enhance the recovery of assets and debts from failed banks, as well as to support investigations and prosecutions linked to bank failures.

    The Managing Director and Chief Executive of the NDIC, Thompson Oludare Sunday, made this known during a courtesy visit by the Corporation’s management team to the Executive Chairman of the EFCC, Olanipekun Olukoyede, at the Commission’s headquarters in Abuja.

    In a statement issued on Sunday by the NDIC’s Head of Communication and Public Affairs, Hawwau Gambo, Sunday said robust partnership with the EFCC is critical to the effective liquidation of failed banks, a process that involves asset realisation and debt recovery, with proceeds used to settle uninsured deposits.

    He noted that cases of asset stripping and concealment require coordinated efforts, particularly in asset tracing, recovery and enforcement, adding that the EFCC’s expertise is vital in achieving these objectives.

    Sunday also identified banking fraud investigations and the prosecution of individuals whose actions contribute to bank collapses as key areas where both institutions can further strengthen their cooperation.

    He stressed that NDIC plays a vital role in maintaining financial system stability through the execution of its four statutory mandates in deposit guarantee, bank supervision, distress resolution and bank liquidation.

    According to him, the Corporation’s overarching goal is to safeguard depositors’ funds, ensure prompt compensation when banks fail, and sustain public confidence in the financial system.

    He also observed that both institutions share common values of integrity, professionalism and accountability, describing the visit as a step towards reinforcing institutional partnership, especially in areas where EFCC’s investigative and prosecutorial capacity is essential to NDIC’s mandate.

    “We aim to further strengthen our collaboration, deepen institutional synergy and explore additional avenues for mutual support in the pursuit of national financial system stability. 

    “The EFCC has been our partner and we want this to continue. We look forward to an expanded and more impactful partnership between our two esteemed institutions.

    “Your experience has and will continue to greatly enhance our recovery efforts.  Additionally, we have that strategic responsibility for prosecuting individuals whose actions contribute to the failure of banks. We therefore seek closer collaboration with the Commission in this critical area.”

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    Responding, the EFCC boss, Olukoyede, reiterated the Commission’s commitment to its longstanding working relationship with the NDIC in tackling financial crimes within the banking sector.

    He acknowledged the history of cooperation between the two agencies, particularly in investigations and capacity development related to banking operations.

    Olukoyede also briefed the delegation on key departments within the EFCC, including the Bank Fraud Section, which handles matters related to the NDIC.

    He encouraged the Corporation to submit any outstanding cases for prompt assessment, noting that this would enhance tracking, accountability and case resolution.

    The EFCC Chairman further highlighted the role of the Commission’s Fraud Risk Assessment and Control Department, which focuses on proactive monitoring, compliance, sound risk management and internal controls in both public and private sector institutions.

    He described these efforts as part of the EFCC’s broader mandate to protect and strengthen the Nigerian economy.

    Olukoyede assured the NDIC of the EFCC’s continued support in deepening institutional synergy to combat financial crimes, improve asset recovery, and ensure that offenders who undermine the banking sector are brought to justice.

  • NDIC affirms full compliance with FRA, statutory remittances

    NDIC affirms full compliance with FRA, statutory remittances

    The Nigeria Deposit Insurance Corporation (NDIC) has declared that it has consistently complied with all fiscal and financial regulations over the years, including the provisions of the Fiscal Responsibility Act 2007, by remitting the required proportion of its earnings to the Federal Government and meeting all statutory reporting timelines.

    The Managing Director and Chief Executive of the Corporation (MD/CEO), Oludare Sunday, asserted unequivocally that the Corporation regularly remits either 20 per cent of its gross earnings or 80 per cent of its net surplus to the Federal Government, in strict compliance with statutory requirements.

    Sunday who asserted during a courtesy visit to the MD/CEO of the Ministry of Finance Incorporated (MoFI), Dr Armstrong Takang, as part of NDIC’s post assumption stakeholder engagement following his appointment in July 2025, further emphasized that NDIC consistently submits its audited financial statements ahead of statutory deadlines.

    Sunday said NDIC’s operational philosophy has always been anchored on accountability, noting that its long-standing culture of financial discipline, transparency and strict adherence to statutory obligations underpins its mandate to protect depositors and strengthen confidence in Nigeria’s banking system.

    According to him, the consistent compliance is central to NDIC’s role as a core institution within Nigeria’s financial safety-net architecture, charged with safeguarding depositors’ funds and promoting stability across the banking system.

    He stressed that fiscal discipline remains fundamental to the credibility and effectiveness of the Corporation, especially at a time when public confidence in financial institutions is critical to economic stability.

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    Sunday also disclosed that NDIC complies with the Federal Government’s 50 percent cost-to-income ratio policy, although he noted that the requirement poses operational challenges for the Corporation.

    He explained that the deductions resulting from the policy constrain NDIC’s capacity to grow a robust Deposit Insurance Fund, which is essential for timely and effective reimbursement of depositors in the event of bank failures.

    According to him, global best practices, as outlined in the Core Principles for Effective Deposit Insurance issued by the International Association of Deposit Insurers, require deposit insurers to maintain adequate independent funds to meet their obligations without recourse to government intervention.

    He said NDIC is therefore seeking an exemption from the policy to strengthen its financial resilience and depositor protection capacity.

    The NDIC chief described MoFI as a critical stakeholder, noting that the Federal Government, through MoFI, holds a 40 per cent equity stake in the Corporation.

    He said sustained collaboration with MoFI is essential to balancing NDIC’s obligations to the government with its statutory responsibility to depositors.

    In his remarks, Takang commended NDIC for its cooperative approach and acknowledged the Corporation’s compliance with fiscal regulations.

    He assured that MoFI would continue to engage the Federal Ministry of Finance on NDIC’s behalf, adding that a strong and well-funded NDIC is vital to maintaining confidence in Nigeria’s financial system.

  • NDIC affirms full compliance with FRA, statutory remittances

    NDIC affirms full compliance with FRA, statutory remittances

    The Nigeria Deposit Insurance Corporation (NDIC) has declared that it has consistently complied with all fiscal and financial regulations over the years, including the provisions of the Fiscal Responsibility Act 2007, by remitting the required proportion of its earnings to the Federal Government and meeting all statutory reporting timelines.

    The Managing Director and Chief Executive of the Corporation (MD/CEO), Oludare Sunday, asserted unequivocally that the Corporation regularly remits either 20 per cent of its gross earnings or 80 per cent of its net surplus to the Federal Government, in strict compliance with statutory requirements. 

    Sunday who asserted during a courtesy visit to the MD/CEO of the Ministry of Finance Incorporated (MoFI), Dr Armstrong Takang, as part of NDIC’s post assumption stakeholder engagement following his appointment in July 2025, further emphasized that NDIC consistently submits its audited financial statements ahead of statutory deadlines.

    Sunday said NDIC’s operational philosophy has always been anchored on accountability, noting that its long-standing culture of financial discipline, transparency and strict adherence to statutory obligations underpins its mandate to protect depositors and strengthen confidence in Nigeria’s banking system.

    According to him, the consistent compliance is central to NDIC’s role as a core institution within Nigeria’s financial safety-net architecture, charged with safeguarding depositors’ funds and promoting stability across the banking system.

    He stressed that fiscal discipline remains fundamental to the credibility and effectiveness of the Corporation, especially at a time when public confidence in financial institutions is critical to economic stability.

    Sunday also disclosed that NDIC complies with the Federal Government’s 50 percent cost-to-income ratio policy, although he noted that the requirement poses operational challenges for the Corporation.

    He explained that the deductions resulting from the policy constrain NDIC’s capacity to grow a robust Deposit Insurance Fund, which is essential for timely and effective reimbursement of depositors in the event of bank failures.

    According to him, global best practices, as outlined in the Core Principles for Effective Deposit Insurance issued by the International Association of Deposit Insurers, require deposit insurers to maintain adequate independent funds to meet their obligations without recourse to government intervention. 

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    He said NDIC is therefore seeking an exemption from the policy to strengthen its financial resilience and depositor protection capacity.

    The NDIC chief described MoFI as a critical stakeholder, noting that the Federal Government, through MoFI, holds a 40 per cent equity stake in the Corporation. 

    He said sustained collaboration with MoFI is essential to balancing NDIC’s obligations to the government with its statutory responsibility to depositors.

    In his remarks, Takang commended NDIC for its cooperative approach and acknowledged the Corporation’s compliance with fiscal regulations. 

    He assured that MoFI would continue to engage the Federal Ministry of Finance on NDIC’s behalf, adding that a strong and well-funded NDIC is vital to maintaining confidence in Nigeria’s financial system.

  • N4.5b house row: Senator threatens to sue NDIC

    N4.5b house row: Senator threatens to sue NDIC

    Erstwhile senator representing Kebbi Central, Farouk Bello Bunza, has faulted the decision of the Nigeria Deposit Insurance Corporation (NDIC) to revoke the N4.5 billion sale of his Banana Island property.

    He threatened to challenge the decision in court, insisting that the action was not supported by the terms of the transaction.

    Bunza queried whether the revocation was based on the original contract agreement he executed with the defunct Heritage Bank or on NDIC’s letter, dated September 23.

    He argued that NDIC had admitted it lacked the legal powers to void the contract agreement with Heritage Bank, raising doubts about the foundation of its action.

    The senator maintained that the September 23 letter was not a new agreement but a communication of NDIC’s position outlining steps he was required to take to conclude the transaction.

    According to him, those steps include payment of N4.76 billion for the property, acknowledgement of his earlier N833 million deposit paid almost three years earlier, settlement of N1.7 billion in alleged outstanding rental obligations under the Heritage Bank agreement, payment of the N2.148 billion balance within six months and execution of a deed of undertaking.

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    The erstwhile senator said he complied fully with all the requirements and went further by paying the outstanding N2.148 billion immediately, rather than within six months as stated in the NDIC letter or the 36 months earlier mentioned by the Managing Director of the corporation at a press conference.

    “To fulfil all righteousness, I also executed the deed of undertaking within the stipulated time, and all these were duly acknowledged by NDIC,” Bunza said.

    Stating his side on the issue of title documents, Bunza accused the corporation of withholding critical information.

    He wondered why the NDIC failed to disclose alleged issues surrounding the documents for nearly two years, only to raise concerns after full payment for the property had been made.

    He also disputed claims by the NDIC Managing Director that he requested 36 months to clear the balance, noting that the sum was paid through Coronation Merchant Bank within 24 hours of NDIC’s confirmation of the outstanding amount and assurances that the title documents would be released upon payment.

    The erstwhile senator also dismissed NDIC’s explanation that letters confirming payment were signed by junior officers, describing it as contradictory since the same officers also conveyed the corporation’s subsequent retraction.

    He challenged NDIC’s justification for a downward revaluation of the property, allegedly based on sea reclamation, arguing that the plot had in fact been reduced in size by the construction of an access road.

    According to Bunza, the alleged disappearance of title documents could only be linked to attempts to perfect what he described as illegal alterations at the lands registry.

    “All these issues will be presented before the court,” he said, vowing to seek judicial redress over what he called an unjustified revocation of the transaction.

  • NDIC, NIBSS move to fast-track depositors’ payouts in bank failures

    NDIC, NIBSS move to fast-track depositors’ payouts in bank failures

    The Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria Inter-Bank Settlement System (NIBSS) Plc are set to formalise a strategic partnership aimed at dramatically improving the speed, accuracy, and reliability of depositor reimbursement in the event of bank failures, it has emerged.

    The Memorandum of Understanding (MoU) would strengthen Nigeria’s financial safety-net framework by introducing a more digitised, responsive, and technology-driven process for reimbursing depositors of failed banks.

    The agreement would focus on real-time synchronisation of NDIC’s deposit registers and electronic records to enable swift verification of eligible accounts during bank resolution.

    The planned MoU was disclosed on Wednesday by the Managing Director and Chief Executive Officer (MD/CEO) of the NDIC, Oludare Sunday, during a courtesy visit to the Corporation’s headquarters in Abuja by the NIBSS Executive Management team led by its MD/CEO, Premier Oiwoh.

    According to the NDIC boss in a statement on Wednesday by Hawwau Gambo, the Head, Communication and  Public Affairs Department at the corporation, the MoU will also expand disbursement channels for depositor claims to include Mobile Money Operators, with consideration for a possible NDIC-branded mobile interface to facilitate faster payments.

    He added that the partnership would support investment in Single Customer View and interoperability infrastructure to ensure instant validation of depositor information when banks fail.

    Sunday highlighted the pivotal role of NIBSS in strengthening digital verification processes in Nigeria’s banking system, particularly through the Bank Verification Number platform.

    He said the BVN system enabled the seamless reimbursement of depositors of the failed Heritage Bank Limited by allowing payments to be made directly into depositors’ alternate bank accounts.

    “You have been a reliable partner, and NDIC remains committed to that partnership. Without NIBSS’s support, it would have been difficult to achieve the milestone we attained with the closure of Heritage Bank despite the impromptu nature of the arrangement.

    “That is why it is important for us to concretise our partnership through this MoU,” he noted.

    The NDIC boss also commended NIBSS for reforming Nigeria’s payment system and positioning it ahead of many peers globally, noting that the platform has played a significant role in mitigating fraud across the financial system.

    Responding, NIBSS CEO, Premier Oiwoh, reaffirmed his organisation’s commitment to supporting the NDIC in the discharge of its depositor protection mandate. He said NIBSS exists to serve Nigerians and remains ready to provide the technological backbone required to enhance stability in the financial system.

    Oiwoh stressed that prompt and efficient reimbursement during bank failures is critical to sustaining public confidence and advancing financial inclusion, adding that NDIC’s reimbursement efforts directly strengthen trust in the banking system.

    He further disclosed that NIBSS is working closely with law enforcement agencies to proactively reinforce the safety of Nigeria’s payment infrastructure, while also upgrading its systems to reduce transaction costs across its platforms.

    The planned MoU is expected to institutionalise collaboration between both agencies, ensuring faster, safer and more transparent reimbursement of depositors whenever bank failures occur.

  • Why NDIC revoked N4.5b house sale to Senator Bunza, by MD

    Why NDIC revoked N4.5b house sale to Senator Bunza, by MD

    The Nigeria Deposit Insurance Corporation (NDIC) has explained why it revoked the N4.5 billion house sale contract involving Senator Farouk Bello Bunza, insisting that the decision was based strictly on his non-compliance with the terms and conditions of the offer, not politics, discrimination or absence of a title document.

    Managing Director of NDIC, Mr. Thompson Oludare Sunday, told reporters that the property was sold on an “as is” basis, a condition clearly communicated to the buyer at the point of offer.

    “When you buy a property as is, you take it with all its defects,” Sunday said. “It is similar to buying at an auction. You cannot complain afterwards about defects that were disclosed from the beginning.”

    He explained that the property in question was a mortgaged property belonging to a debtor of a failed bank under an equitable mortgage arrangement, meaning the title document was never perfected or handed over to the bank before NDIC assumed control.

    “In this case, the title document was not among the assets taken over by the NDIC. Our examiners only record what they physically meet when we assume control of a failed bank. We cannot release a title document we do not have,” he said.

    According to the NDIC boss, the fundamental reason the contract was revoked was Senator Bunza’s failure to fulfil the terms and conditions of the offer within the stipulated timeline, which automatically terminated the contract.

    “The issue is not title. We have sold properties without title before. The real issue is the outstanding sum. Nobody prevented him from paying. If the conditions stipulated had been fulfilled and payment completed, this matter would not have arisen,” Sunday stated.

    He explained that the senator requested a 36-month repayment period, which NDIC rejected in favour of six months, citing the Corporation’s obligation to depositors of failed banks.

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    “We cannot tell depositors to wait three years for their money. Our duty is to recover assets quickly and pay depositors. That is why the 36-month proposal was unacceptable,” he said.

    Sunday also addressed claims that NDIC was attempting to resell the property to a politically connected individual from the South-West, describing the allegation as baseless.

    “NDIC advertises its properties openly. Anyone from any part of the country can buy. If we intended to sell to a preferred buyer, we would not have offered it to him in the first place,” he said.

    He further revealed that an earlier letter suggesting the release of the title document upon payment was written by junior staff-member without authorisation and was promptly nullified.

    “That letter was outside the powers of those officers and contrary to the NDIC Act. Internal disciplinary processes were immediately initiated,” he added.

    The managing Director noted that Senator Bunza had successfully completed transactions on one other property sold by NDIC, underscoring the absence of bias or discrimination.

    “He bought two properties. One was concluded and he has taken possession. This clearly shows there was no victimisation,” Sunday said.

    While affirming Senator Bunza’s right to seek legal redress, Sunday emphasized that the NDIC remains committed to the realization of assets in the best interests of depositors and other creditors. Accordingly, the property will be advertised for open bidding, providing Senator Bunza with the opportunity to participate alongside other prospective bidders.

    He reaffirmed NDIC’s commitment to transparency, integrity and the protection of depositors’ funds, stressing that the Corporation would not compromise due process under any circumstances.

    “Our responsibility is to the law and to depositors. We cannot bend the rules or create documents that do not exist,” Sunday concluded.

    Sunday explained the circumstances surrounding the aborted sale of a prime Banana Island property belonging to the defunct Heritage Bank, saying that the Corporation’s actions were guided by law, transparency and the need to protect depositors and creditors.

    He said the media briefing was convened to clarify public misconceptions and set the record straight on the transaction involving Senator Bunza.

    According to the NDIC, Senator Bunza entered into a purchase agreement with Heritage Bank in January 2024, five months before the bank’s licence was revoked by the Central Bank of Nigeria.

    He said the property, located at Plot 55, Federal Government Layout, Banana Island, Ikoyi, was priced at N4.5 billion, payable over 36 months, of which about N833.3 million had been paid before the bank was taken over by the NDIC in June 2024 following its liquidation.

    He said following a statutory review of all contracts of the failed bank, the Corporation discovered that the terms of the sale were unfair and prejudicial to stakeholders, particularly as the property was a mortgaged asset tied to a debtor with outstanding liabilities of about N35.79 billion.

    He said a fresh valuation carried out as at January 2024 when the contract was executed with the failed bank put the property’s worth at N7.005 billion, prompting the NDIC to re-offer it to Senator Bunza at that price in consideration of his prior payments, rather than immediately rescind the contract.

    He said that the offer was, however, rejected by the senator, who insisted on the original terms.

    He further explained that a subsequent downward revaluation to N4.76 billion was influenced by land reclamation activities that diminished the property’s beachfront value, although the offer came with strict conditions, including formal acceptance, execution of a deed of undertaking and a clearly defined payment schedule.

    He said: “Despite making a substantial instalment payment, Senator Bunza failed to formally accept the offer or comply with other mandatory conditions, leading to the automatic termination of the contract under its terms.”

    He insisted that the transaction remains cancelled due to the senator’s non-compliance with stipulated terms of the offer and refusal to accept official correspondence, adding that all monies paid, amounting to over N2.6 billion, would be refunded.

    He said that the NDIC acted within the provisions of the NDIC Act and other enabling laws, insisting that its asset disposal process is open, professionally driven and aimed at maximising value for depositors and creditors of failed banks.

  • Aso Savings, Union Homes enter liquidation as NDIC moves to pay depositors

    Aso Savings, Union Homes enter liquidation as NDIC moves to pay depositors

    The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc and the payment of insured deposits to their customers following the revocation of the banks’ licences by the Central Bank of Nigeria, it has emerged.

    The development was confirmed on Tuesday in a statement by the corporation’s Management, where it announced that it had begun the formal liquidation process and the verification and payment of depositors in line with its statutory mandate.

    The action followed the revocation of the licences of both institutions by the Central Bank of Nigeria on December 15, 2025, after which the NDIC was appointed as liquidator pursuant to Section 12 subsection 2 of the Banks and Other Financial Institutions Act 2020.

    The NDIC Management said it had activated all necessary procedures to protect depositors and ensure an orderly resolution of the failed institutions.

    “In line with Section 55, subsections 1 and 2 of the NDIC Act 2023, the Corporation has commenced the liquidation process for Aso Savings and Loans Plc and Union Homes Savings and Loans Plc,” it said.

    The corporation disclosed that verification and payment of insured deposits to customers of the closed banks had already begun.

    It stated that depositors would be paid up to the maximum insured amount of ₦2 million per depositor, using the Bank Verification Number (BVN) as a unique identifier to locate depositors’ alternate bank accounts into which payments would be credited automatically.

    The NDIC explained that depositors with balances above the insured limit would first receive the insured portion of their funds, while the remaining balances would be paid later as liquidation dividends.

    These subsequent payments, it said, would depend on the realisation of the banks’ assets and the recovery of outstanding debts.

    “Depositors with balances in excess of ₦2,000,000 will be paid the initial insured amount, while their outstanding balances will be settled as liquidation dividends upon the realisation of the assets and recovery of debts owed to the failed banks,” the Management noted.

    To facilitate the settlement of uninsured deposits, the corporation disclosed that it would immediately commence the sale of the banks’ assets and intensify efforts to recover outstanding loans.

    “To this end, the Corporation will commence the sale of the banks’ assets and continue recovery of outstanding loans to expedite payment of uninsured sums,” the statement added.

    The NDIC advised depositors to submit their claims either online or through physical verification.

    For online submission, depositors were directed to complete the digital claims form on the NDIC claims portal, while those opting for physical verification were asked to visit the nearest branch of the closed banks between Tuesday, December 16, 2025, and Thursday, December 30, 2025, where NDIC officials would be available to attend to them.

    For verification and payment, depositors are required to present proof of account ownership, a verifiable means of identification such as a driver’s licence, permanent voter’s card, or national identity card, as well as details of their alternate bank account and Bank Verification Number.

    The corporation also advised depositors to activate transaction alerts on their alternate accounts to receive payment notifications, noting that those without active alerts could confirm payments using their banks’ USSD codes or by visiting their bank branches.

    Creditors of the defunct banks were equally advised to submit their claims within the same verification window, either online or by visiting the nearest branch of the closed institutions.

    The NDIC stressed that in accordance with the law, liquidation dividends to creditors would only commence after all depositors had been fully paid.

    On the status of bank staff and shareholders, the corporation stated that payment of staff deposits would be made after depositors had been fully settled, using proceeds from the sale of the banks’ assets.

    Shareholders, it added, would only be paid after depositors and creditors had been fully settled, and subject to further realisation of assets and recovery of outstanding debts.

    The NDIC also issued a warning to debtors of the defunct banks, urging them to regularise their obligations.

    Debtors were advised to visit the corporation’s Asset Management Department to ensure full settlement of their outstanding loans.

    Reassuring the wider banking public, the NDIC said the action should not be interpreted as a sign of distress in the financial system.

    The corporation reaffirmed its commitment to the protection of depositors’ funds in all licensed banks and urged customers to continue their banking activities without fear, while stressing that banks whose licences have not been revoked remain safe and sound.

    For further enquiries, depositors and other stakeholders were advised to contact the Director of the Claims Resolution Department at the NDIC Lagos Office through the corporation’s official channels.

  • NDIC seeks deeper collaboration with NIESV on failed bank assets valuation, others

    NDIC seeks deeper collaboration with NIESV on failed bank assets valuation, others

    The Nigeria Deposit Insurance Corporation (NDIC) has underscored the necessity of a deeper collaboration with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to ensure accurate valuation of assets from failed banks, a process it described as central to protecting depositors and safeguarding financial stability.

    According to NDIC Managing Director and Chief Executive, Oludare Sunday, precise and credible valuation reports are indispensable during the liquidation of failed banks because they determine whether assets are sold at their true worth.

    “Proceeds from the sale of these assets are applied toward the payment of depositors’ balances above the insured amount, making accuracy and professionalism in valuation essential to protecting depositor funds,” he said.

    Sunday said NIESV’s technical input and professional integrity directly support financial stability by ensuring transparency, fairness, and value-for-money in asset disposal and recovery processes.

    He urged the Institution to continue upholding the highest ethical standards and guard against insider abuse, noting that NDIC is also strengthening its internal frameworks.

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    The clarification was contained in a statement by the Corporation’s Head of Communication and Public Affairs Department, Hawwau Gambo, following a courtesy visit by the President and Chairman of the Council of NIESV, Dr. Victor Adekunle Alonge, and his executive team to the NDIC Head Office in Abuja.

    He disclosed that the Corporation is implementing a comprehensive Asset Management Policy that covers asset identification, valuation procedures, disposal strategies, and strict accountability in recoveries, all aimed at improving the bank liquidation process.

    The NDIC Chief Executive also underscored the need for continuous knowledge sharing, calling for joint training programmes between NDIC staff and NIESV members, especially in emerging valuation methodologies and sustainable asset management practices.

    Responding, Dr Alonge reaffirmed NIESV’s commitment to professionalism, accountability, and integrity, stressing that the Institution, established by an Act of Parliament, maintains strong disciplinary mechanisms to address unethical behaviour among practitioners.

    He assured that NIESV would continue to provide technical support to NDIC to enhance service delivery and strengthen public confidence in the banking system.

    The visit, both institutions noted, reflects a shared resolve to deepen collaboration, elevate professional standards, and improve the management of assets from failed banks, a key factor in reinforcing stability across Nigeria’s financial sector.

  • NDIC seeks NIESV’s partnership on failed banks’ valuation

    NDIC seeks NIESV’s partnership on failed banks’ valuation

    The MD/CE of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Oludare Sunday, has called on the Nigerian Institution of Estate Surveyors & Valuers (NIESV) to strengthen strategic collaboration with the Corporation.

    In a statement, the NDIC boss said the corporation relies on NIESV members for accurate and credible valuation of assets of failed banks, which is critical for effective liquidation and payment of depositors.

    The MD/CE made the call during a courtesy visit by the President/Chairman of Council of the NIESV, Dr. ESV. Victor Adekunle Alonge, and members of his executive team to the NDIC Head Office, Abuja.

    The NDIC Chief Executive explained that the Corporation relies on precise and credible valuation reports during the liquidation of failed banks to determine the true worth of assets, which enables their sale at the best possible value.

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    Sunday further noted that proceeds from the sale of these assets are applied toward the payment of depositors’ balances above the insured amount, making accuracy and professionalism in valuation essential to protecting depositor funds. He emphasized that NIESV’s professionalism therefore contributes directly to financial stability and depositor protection by ensuring transparency, fairness, and value-for-money in the disposal of assets and the recovery process.

    While calling on the leadership of the Institution to uphold the highest ethical standards and guard against insider abuse, the NDIC Chief Executive added that the Corporation is further strengthening its internal processes, including the development of a comprehensive Asset Management Policy to guide asset identification and documentation, valuation procedures, disposal strategies and transparency and accountability in recoveries.

    The NDIC Chief Executive emphasized the need for stronger collaboration between both institutions, noting that the Corporation welcomes opportunities for joint training and knowledge exchange between NDIC staff and NIESV professionals, particularly in emerging valuation methodologies, asset management, and sustainable valuation practices.

    President/Chairman of Council of the NIESV, Dr. ESV. Victor Adekunle Alonge reaffirmed the Institution’s commitment to professionalism and integrity.

    He explained that NIESV was established by an Act of Parliament and maintains strict disciplinary procedures to sanction any member found to be unethical or unprofessional. He reaffirmed the Institution’s commitment to sustained cooperation and technical support to the NDIC, noting that the partnership remains vital to enhancing service delivery and strengthening public confidence in the banking system.

    The courtesy visit underscored the shared commitment of both institutions to deepen collaboration, enhance professional standards, and strengthen the bank liquidation process in Nigeria for the overall stability of the financial system.

  • ‘NDIC better equipped to execute liquidation mandate’

    ‘NDIC better equipped to execute liquidation mandate’

    Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Sunday, has said that the corporation now operates under stronger and more effective laws to carry out its bank liquidation mandate.

    He spoke when he received the President and Chairman of Council of the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), Chimezie Ihekweazu (SAN), and members of his council on a courtesy visit to the NDIC Headquarters in Abuja.

    Sunday said the corporation’s powers in the area of the liquidation of failed insured institutions have been significantly enhanced with the   enactment of the NDIC Act No. 30 of 2023, together with the Banks and Other Financial Institutions Act (BOFIA) 2020.

    He noted that the NDIC is now better positioned to prosecute parties at fault for bank failures, unlike in the past when insufficient legal provisions allowed such individuals to evade accountability.

    He expressed his appreciation to the National Assembly for addressing the long-standing challenge of a weak legal framework that had constrained the Corporation’s operations. He also commended the judiciary for its growing expertise in deposit insurance law and practice, as demonstrated by the effective adjudication of failed bank cases through judgments that have brought relief to depositors.

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    He said: “The enhanced powers granted to the Corporation under the NDIC Act 30 of 2023, the BOFIA 2020 and the improved understanding of the judiciary, have made it impossible for individuals to hide under the law to escape liability.

    “With stronger legal backing, individuals now approach the Corporation to settle out of court, not necessarily because the law has caught up with them, but because they can see that the noose is tightening around those responsible for bank failures.”

    He attributed the corporation’s ability to realise sufficient assets to declare a first round of liquidation dividends to the uninsured depositors of defunct Heritage bank Limited within one year of the revocation of its licence, to the positive impact of the new legal framework. He reiterated that the NDIC would continue to leverage the strengthened laws while collaborating with BRIPAN and other stakeholders to enhance the effective discharge of its mandate