In a renewed push to safeguard depositors and reinforce confidence in Nigeria’s financial system, the Nigeria Deposit Insurance Corporation (NDIC) has called for deeper collaboration with the Nigerian Institution of Estate Surveyors & Valuers (NIESV) to enhance the valuation and disposal of assets from failed banks.
The Managing Director/Chief Executive of NDIC, Mr. Thompson Oludare Sunday, made the call during a courtesy visit by the NIESV President and Chairman of Council, Dr. ESV. Victor Adekunle Alonge, and his executive team to the NDIC Headquarters in Abuja.
Speaking through Ms. Hawwau Gambo, Head of Communication & Public Affairs at NDIC, Mr. Sunday emphasized that accurate and credible valuation reports remain central to the Corporation’s liquidation processes. He explained that the NDIC relies on NIESV’s professional expertise to determine the true value of failed bank assets, ensuring their sale at competitive market rates and facilitating the prompt reimbursement of depositors—especially those with balances exceeding insured limits.
He noted that the proceeds from the sale of these assets directly support the payment of depositors’ outstanding balances, making professionalism, transparency, and ethical conduct indispensable. According to him, NIESV’s integrity in asset valuation plays a pivotal role in protecting depositors and strengthening financial system stability.
Mr. Sunday further disclosed that NDIC is enhancing its internal frameworks through the development of a comprehensive Asset Management Policy. The policy, he said, will guide asset identification, documentation, valuation procedures, disposal strategies, and transparency in recoveries—ensuring consistency and safeguarding against insider abuses.
He reaffirmed the Corporation’s readiness to deepen strategic collaboration with NIESV through joint training, capacity-building, and knowledge-sharing initiatives. These efforts will cover emerging valuation methodologies, sustainable asset management practices, and new global trends in bank resolution.
Responding, Dr. Alonge reaffirmed NIESV’s commitment to maintaining the highest professional and ethical standards. He highlighted that the Institution—established by an Act of Parliament—enforces strict disciplinary mechanisms to sanction unprofessional conduct among its members.
He commended NDIC for its transparency and efficiency in managing failed bank liquidations and assured that NIESV remains committed to providing technical support and strengthening cooperation to improve service delivery and bolster public trust in the banking system.
The visit underscored the collective resolve of both institutions to advance professional valuation standards, enhance asset recovery, and fortify Nigeria’s financial system against future shocks.
NDIC and NIESV have renewed their strategic partnership to strengthen failed bank asset valuation, improve liquidation processes, and enhance depositor protection. NDIC MD/CE Mr. Thompson Sunday emphasizes professionalism, transparency, and ethical standards in asset management.
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