‎NDIC To Strengthen Deposit Insurance Funds Against Banking Crises

The Nigeria Deposit Insurance Corporation has reaffirmed its commitment to strengthening its Deposit Insurance Funds as part of measures aimed at safeguarding the nation’s financial system against potential banking crises.
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‎The Managing Director and Chief Executive of the Corporation, Thompson Oludare Sunday, stated this during a courtesy visit to the Director General of the Budget Office of the Federation, Tanimu Yakubu, in Abuja.
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‎Sunday said the Corporation remained focused on building strong Deposit Insurance Funds to improve its capacity to respond swiftly to financial sector challenges without depending on government intervention. According to him, the strategy forms a critical part of the NDIC’s contingency planning and crisis management framework.
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‎He explained that the Corporation’s preparedness enabled it to commence payments to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours after the revocation of their licences by the Central Bank of Nigeria in December 2025.
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‎The NDIC boss also pledged continued collaboration with the Budget Office of the Federation to ensure alignment with the national budgetary framework and promote evidence-based planning in support of economic development.
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‎He further stressed the importance of the Federal Government’s vision of building a one-trillion-dollar economy by 2030, assuring that the Corporation would continue to contribute to the realization of the target through financial system stability initiatives.
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‎Responding, Yakubu commended the NDIC for its transparency in managing the Deposit Insurance Funds and advised the Corporation to embrace technology-driven investment strategies to further strengthen the funds and boost public confidence in the banking system.
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‎He also urged the NDIC to benchmark its investment instruments against international best practices adopted by other deposit insurance institutions globally.
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‎The visit was attended by members of the NDIC Executive Management Team, including Executive Director, Corporate Services, Emily Osuji, and Executive Director, Operations, Kabir S. Katata.
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‎PR/Umbwanko Baba