In a renewed push to safeguard Nigeria’s financial system from emerging threats and technological disruptions, the Nigeria Deposit Insurance Corporation (NDIC) and the Chartered Institute of Bankers of Nigeria (CIBN) have pledged to strengthen institutional collaboration aimed at building a more resilient and innovative banking ecosystem.
The commitment was reaffirmed during a courtesy visit by the President and Chairman of Council of CIBN, Prof. Pius Deji Olanrewaju, and members of his executive team to the NDIC headquarters in Abuja, where they held strategic discussions with the Managing Director/Chief Executive Officer of NDIC, Mr. Thompson Oludare Sunday.
Strengthening Institutional Synergy for Systemic Stability
In his welcome address, Mr. Sunday emphasized the need for stronger synergy between the two institutions to confront the fast-evolving risks within Nigeria’s financial landscape. He identified key priority areas such as digital banking transformation, cybersecurity, fraud and forgery prevention, and sound risk management frameworks, which he described as essential to maintaining public trust and confidence in the banking system.
“As technology continues to redefine the way we bank, both regulators and operators must align efforts to mitigate the risks and harness the opportunities,” Mr. Sunday said. “It is through collaboration that we can build a financial ecosystem capable of withstanding shocks while driving value to the broader economy.”
The NDIC boss also urged the CIBN to play a more proactive role in supporting regulators to design innovative failure resolution frameworks that can effectively address distress scenarios in the banking sector. According to him, the lessons from global financial disruptions underscore the need for coordinated institutional responses to ensure continuity and confidence in financial intermediation.
He reiterated NDIC’s commitment to capacity development and knowledge exchange initiatives that promote best practices and enhance the ethical and professional standards of banking operators across Nigeria.
CIBN Commends NDIC’s Reforms and Achievements
Responding, Prof. Pius Deji Olanrewaju, President/Chairman of Council of the CIBN, lauded NDIC for its remarkable achievements in strengthening depositor protection and restoring public confidence in the nation’s financial system.
He particularly highlighted the Corporation’s upward review of deposit insurance coverage to protect a broader segment of depositors, the use of digital platforms to expedite payments to customers of the failed Heritage Bank, and the swift commencement of liquidation dividend payments within one year of the bank’s closure — a feat rarely achieved in global deposit insurance systems.
“NDIC has continued to demonstrate operational excellence and integrity in the discharge of its mandate. These achievements not only reassure depositors but also reinforce investor confidence in Nigeria’s financial sector,” Prof. Olanrewaju said.
He also congratulated Mr. Sunday on his appointment as NDIC Managing Director/CEO, expressing optimism that his tenure would further deepen regulatory innovation and sustain the Corporation’s leadership in depositor protection and bank resolution.
Reinforcing Ethical Leadership and Policy Direction
In a statement made available by Hawwau Gambo, Head of Communication & Public Affairs at NDIC, Prof. Olanrewaju also commended the Corporation for its active role on the Governing Council of CIBN, noting that NDIC’s participation has strengthened the Institute’s policy direction, ethical oversight, and governance standards.
Both institutions agreed to explore new areas of cooperation, including joint research projects, professional training, and policy advocacy, to address sector-wide challenges and enhance the overall resilience of Nigeria’s financial services industry.
The renewed partnership, according to both parties, will not only help safeguard Nigeria’s financial system from future shocks but also support the country’s transition toward a more digitally inclusive and sustainable banking environment.
The NDIC and CIBN have reaffirmed their commitment to strengthen collaboration on emerging financial sector risks, including cybersecurity, digital banking, fraud prevention, and innovative failure resolution strategies to boost depositor confidence and ensure financial stability in Nigeria.
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