The Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation have renewed their commitment to deeper collaboration to safeguard stability in the nation’s financial system.
This was reaffirmed during a courtesy visit by the newly appointed Managing Director of NDIC, Thompson O. Sunday, and his management team to the CBN headquarters in Abuja.
CBN Governor Olayemi Cardoso congratulated the NDIC chief and the new Executive Director of Operations, Kabir Katata, on their appointments, describing the meeting as a clear sign of both institutions’ readiness to work together. Cardoso noted that his two years in office had provided critical insights into the financial sector, stressing the importance of proactive cooperation between the CBN and NDIC to address potential risks and protect depositor confidence.
Welcoming the visit as timely, he underscored the need for joint oversight in navigating today’s evolving economic challenges.
Sunday, in his remarks, praised the CBN’s recent reforms, particularly efforts to stabilise the foreign exchange market and recapitalise Deposit Money Banks. He said NDIC was aligning its operations with the amended NDIC Act 2023 while undergoing strategic restructuring and developing a fresh corporate strategy to strengthen its risk management role.
Highlighting recent achievements, he disclosed that NDIC had paid ₦54.62 billion to 691,418 depositors of the defunct Heritage Bank and declared a 9.2 kobo per naira liquidation dividend to uninsured depositors within a year of the bank’s closure. He also revealed plans to implement a target funding framework.
Sunday acknowledged certain operational challenges, including the absence of a unique identifier such as the Bank Verification Number for corporate customers and difficulties in collecting premiums from insured institutions without CBN accounts. He expressed readiness to work closely with the apex bank to resolve these issues.
