The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Thompson Sunday, has called for deeper collaboration with the Chartered Institute of Bankers of Nigeria (CIBN) to address emerging risks in the country’s financial system.
Speaking during a courtesy visit by CIBN President, Prof. Pius Olanrewaju, and his executive team to the NDIC headquarters in Abuja, Sunday stressed the importance of joint efforts in areas such as digital banking, cybersecurity, fraud prevention and robust risk management.
He noted that as innovation accelerates across the banking sector, regulators and industry professionals must work together to develop solutions capable of safeguarding financial stability. He urged CIBN to play a stronger role in designing modern failure resolution strategies to enhance the resilience of the banking sector.
Reaffirming NDIC’s commitment to institutional partnerships, Sunday commended CIBN’s evolution and its impact on professional standards within the industry. He emphasised that collaboration between both bodies is vital to building a financial ecosystem that can withstand emerging vulnerabilities while supporting economic growth.
Prof. Olanrewaju, in his response, congratulated Sunday on his appointment and expressed confidence in his leadership. He applauded NDIC’s recent milestones, including the upward review of deposit insurance coverage, the swift reimbursement process for depositors of the failed Heritage Bank, and the early commencement of liquidation dividend payments—all of which, he noted, have boosted confidence among depositors and investors.
He also acknowledged NDIC’s contributions to CIBN’s Governing Council, particularly in strengthening ethical leadership, policy formulation and governance within the banking profession.
The discussions reinforced a shared commitment to safeguarding depositor funds, promoting innovation and maintaining public trust in Nigeria’s banking system.
