The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have pledged to deepen collaboration in a renewed effort to strengthen Nigeria’s financial system.
During a courtesy visit to the CBN headquarters in Abuja, the newly appointed NDIC Managing Director/Chief Executive, Mr. Thompson O. Sunday, led a delegation to meet with CBN Governor, Mr. Olayemi Cardoso.
Cardoso congratulated the NDIC leadership on their appointments and expressed confidence in building a stronger relationship between both institutions. He described the visit as timely, adding that closer cooperation is crucial in managing risks and maintaining public confidence in the financial sector.
“The CBN counts on NDIC’s support in navigating these uncertain times. Working together is essential to safeguarding financial stability,” the Governor said.
Cardoso emphasized the need for modern regulatory tools and proactive responses to potential shocks, noting that recent economic challenges demand coordinated action between regulators.
In his remarks, NDIC MD Thompson Sunday commended the CBN’s reforms under Cardoso’s leadership, particularly efforts to stabilize the forex market and drive the recapitalization of banks.
He said the NDIC is undergoing strategic restructuring in line with the amended NDIC Act 2023 and is developing a new corporate strategy to replace the one expiring at the end of the year.
Sunday also outlined recent NDIC achievements, including the payout of ₦54.62 billion to 691,418 depositors of the defunct Heritage Bank and a 9.2 kobo per naira dividend to uninsured depositors—delivered within a year of the bank’s closure.
However, he raised concerns over gaps in the system, such as the lack of a Bank Verification Number (BVN) for corporate customers and difficulties in collecting premiums from institutions without CBN accounts. He called for joint action with the CBN to resolve these issues.
Sunday also proposed the creation of a joint crisis preparedness framework between both institutions.
Responding, CBN’s Director of Financial Policy and Regulation, Mrs. Rita Sike, welcomed the proposal and noted that it could be developed under the Financial Services Regulation Coordinating Committee (FSRCC). She added that the CBN is working on upgrades to its Credit Risk Management System to integrate the Global Standing Instruction (GSI) and extend coverage to Other Financial Institutions (OFIs).
The NDIC team also included Executive Director of Operations, Dr. Kabir Katata; Director of Human Resources, Mr. Yakubu Shehu; Director of Legal, Mr. Olufemi Kushimo; and Assistant Director of Communications, Mrs. Regina Dimlong.
The CBN was represented by top officials from the financial policy, compliance, and communications departments.
The visit signals a renewed push for regulatory synergy as both institutions move to fortify Nigeria’s financial ecosystem.
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