The Nigerian Deposit Insurance Corporation (NDIC) has received yet another global endorsement of its pivotal role in safeguarding Nigeria’s financial system, as the Chartered Risk Management Institute (CRMI) honoured it with the “Institutional Leadership in Risk Advocacy” Award at the 2025 CRMI Annual International Conference held at Eko Hotel & Suites, Victoria Island, Lagos.
Themed “Global Risks, Local Solutions,” the annual conference provided a platform for industry leaders, regulators, and experts to reflect on how nations can strengthen their resilience against global economic shocks through locally driven innovations.
Why NDIC Was Honoured
According to the Institute, NDIC earned the award for its unwavering commitment to advancing risk management practices in the Nigerian financial landscape. This includes its proactive bank supervision models, robust enterprise risk management frameworks, and consistent advocacy campaigns targeted at deepening risk awareness among operators and the public.
The CRMI described NDIC’s work as a model for institutional leadership, pointing to its role in deposit protection and financial stability, particularly during banking crises and systemic challenges.
Receiving the award on behalf of NDIC’s Managing Director/CEO, Mr. Thompson Oludare Sunday, the Director of Enterprise Risk Management Department, Mrs. Amal Haruna, said the recognition reinforces the Corporation’s mission.
“This honour is a testament to NDIC’s dedication to advancing risk awareness, strengthening depositor protection, and ensuring a sustainable financial sector. We remain committed to safeguarding Nigerians and building lasting confidence in the banking system,” Mrs. Haruna stated.
NDIC’s Risk Management Milestones
Since its establishment in 1989, NDIC has been at the forefront of building confidence in Nigeria’s banking sector. Over the years, the Corporation has achieved several key milestones in risk management:
- Deposit Insurance Coverage: NDIC introduced and regularly reviews coverage limits to reassure depositors of the safety of their funds in the event of bank failure.
- Crisis Resolution Frameworks: It has implemented mechanisms such as bridge banks, bank liquidation, and purchase & assumption transactions to protect depositors and maintain financial stability.
- Enterprise Risk Management (ERM) System: NDIC developed a robust ERM framework that identifies, monitors, and mitigates internal and systemic risks across the sector.
- Public Awareness Campaigns: The Corporation runs regular nationwide sensitization campaigns to educate Nigerians about the benefits of deposit insurance and the importance of sound banking practices.
- Collaboration with Regulators: NDIC works closely with the Central Bank of Nigeria (CBN) and other regulators to strengthen bank supervision and ensure compliance with international best practices.
- Digital Innovation: More recently, NDIC has integrated technology-driven supervision tools and digital channels for depositor complaints, improving efficiency and transparency.
These interventions have proven critical in preventing financial contagion, maintaining public trust, and ensuring that Nigeria’s banking system remains resilient despite local and global economic headwinds.
NDIC at the CRMI Conference
The award presentation was part of a larger gathering where risk management professionals explored Nigeria’s responses to global economic uncertainties.
NDIC’s delegation included senior officials such as:
- Mr. Sule Olawale, Director, Claims Resolution Department
- Mrs. Adedayo Olukoya, Director, Bank Examination Department
- Ms. Regina Dimlong, Assistant Director, Communication & Public Affairs Department
- Mr. Mohammed Yayangida, former NDIC Director of Insurance and Surveillance Department, now a CRMI Council Member.
Their participation further underlined NDIC’s commitment to engaging with stakeholders, sharing insights, and learning from global best practices.
A Growing Legacy in Risk Advocacy
The latest recognition by CRMI adds to NDIC’s growing list of accolades for its role in deposit protection and financial system resilience. Beyond awards, industry experts say NDIC’s track record has been crucial in building confidence among depositors, protecting small savers, and ensuring systemic stability in Nigeria’s financial services industry.
As global risks—from digital banking disruptions to economic volatility—continue to evolve, NDIC’s proactive approach positions it as a critical shield for Nigeria’s banking system.
@2025 The Ameh News: All Rights Reserved
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