The ceremony, held on Thursday at the Ministry of Finance in Abuja, saw the formal introduction of Mr. Thompson Oludare Sunday as Managing Director/Chief Executive Officer and Dr. Kabir Sabo Katata as Executive Director (Operations) of the NDIC.

Addressing the new appointees, Edun stressed the importance of NDIC’s role in the financial sector, describing the agency as a key pillar in Nigeria’s economic framework.

“The NDIC is a vital component of our financial safety-net. Its role in protecting depositors and maintaining banking sector stability cannot be overstated,” the minister said. “We expect you to bring in your expertise and leadership to drive the reforms needed to support Nigeria’s journey to economic recovery and growth.”

He assured them of the Ministry’s full backing in achieving their mandate.

Speaking on behalf of the management, Mr. Sunday thanked President Bola Ahmed Tinubu for the opportunity to serve, and pledged the team’s commitment to delivering on their responsibilities.

“We are deeply honoured by this appointment and ready to meet the expectations of the President and the nation,” Sunday said. “Our goal is to uphold depositors’ trust, strengthen the NDIC’s operations, and contribute meaningfully to financial system stability.”

The new appointments come at a time of ongoing reforms in Nigeria’s financial sector, with renewed focus on transparency, institutional performance, and economic resilience. Stakeholders are hopeful the new leadership will reposition the NDIC for greater impact.

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Speaking at the 2025 Capacity Building Workshop for Law Enforcement Agencies in Lekki, Lagos, the Acting Managing Director/Chief Executive Officer of NDIC, Mrs. Emily Osuji, stressed the urgent need for coordinated action to protect depositors and maintain financial stability.

Delivering the keynote address at the three-day event themed, “Investigating and Prosecuting Financial Malpractices in Banks: A Critical Analysis of Strategies to Prevent Bank Failures,” Osuji warned that unchecked financial crimes could erode public confidence in Nigeria’s banking system.

“A safe and sound banking system is fundamental to our nation’s economic growth. That stability is threatened when insider abuses and cybercrimes go unchecked,” Osuji stated.

The workshop, which drew senior officials from key enforcement agencies—including the Director of Public Prosecutions of the Federation, Mr. M. B. Abubakar; Commissioner of Police, Special Fraud Unit (PSFU), CP Ronke N. Okunade; and Coordinator of the Financial Malpractices Investigation Unit (FMIU), DCP Sirajo M. Salisu—aimed to equip officers with advanced investigative and prosecutorial skills.

Heritage Bank Collapse in Focus

Osuji disclosed that the NDIC is currently collaborating with security agencies to investigate the recent failure of Heritage Bank Plc. The Central Bank of Nigeria (CBN) revoked the bank’s license in June, and investigations into the roles played by its directors, managers, and officers are ongoing.

She revealed that law enforcement efforts are already yielding results, with 11 cases of financial malpractice currently in court, 25 active investigations with the FMIU, eight cases with the EFCC, and nine concluded investigations awaiting legal advice at the Federal Ministry of Justice.

Financial Crimes Evolving with Technology

The NDIC boss warned that cybercriminals are exploiting new technologies to perpetrate crimes such as ATM fraud, internet banking scams, money laundering, and terrorism financing.

“Financial criminals are evolving rapidly, and law enforcement must evolve faster,” she cautioned, emphasizing that workshops like this are essential to keep operatives ahead of emerging threats.

She urged members of the Inter-Agency Task Force on the Failed Banks Act to intensify their efforts to investigate and prosecute financial crimes, adding, “Our collective resolve is what will safeguard the financial system and maintain public trust.”

Experts Call for Continuous Capacity Building

Also speaking at the event, Dr. Michael Oladele, former Director of NDIC’s Bank Examination Department, emphasized the growing global trends in financial fraud, warning that cybercriminals often stay a step ahead of regulators.

“Fraud is dynamic and constantly evolving. Our defenses must also evolve. The biggest room in the world is the room for improvement,” Oladele said, calling for continuous skills development and proactive fraud detection strategies.

Similarly, Mr. Olusegun Kushimo, Director of the NDIC Legal Department, reaffirmed the Corporation’s commitment to its annual capacity-building programs, describing them as critical to safeguarding Nigeria’s banking system.

“We must work together to build a robust financial system that restores depositor and investor confidence. Stronger prosecutions will serve as deterrents to future crimes,” Kushimo added.

Strengthening Nigeria’s Financial Future

The workshop emphasized that the fight against bank fraud is not just about protecting depositors but also about safeguarding the stability of Nigeria’s financial system—an essential pillar for economic growth.

Osuji closed the event by urging participants to translate their deliberations into actionable strategies.

“Financial stability is a collective responsibility. Let’s work together to strengthen our defenses and hold financial criminals accountable,” she concluded.

The NDIC pledged to sustain its commitment to capacity-building initiatives and inter-agency collaboration, reinforcing its mission to protect depositors and ensure the soundness of Nigeria’s banking system.

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The Nigeria Deposit Insurance Corporation (NDIC) has renewed its call for deeper collaboration between law enforcement and regulatory bodies in safeguarding the nation’s financial system against fraud and insider abuse.

Speaking at the 2025 Capacity Building Workshop for Law Enforcement Agencies, held from July 7 to 9 at the Vintano Hotel, Lekki, Lagos, Mr. Olusegun Kushimo, Director, Legal Department, NDIC, underscored the critical need for enhanced capacity among law enforcement officers to investigate and prosecute financial crimes effectively.

This year’s workshop, themed “Investigating and Prosecuting Financial Malpractices in Banks: Analysis of Strategies to Prevent Bank Failure,” brought together security agencies, regulators, and financial industry experts to address rising threats in the banking sector.

Kushimo acknowledged the rapid growth of financial technology, warning that it has also fueled a surge in cybercrime and financial fraud. “The importance of this workshop cannot be overemphasized. Beyond capacity building, it affirms our collective commitment to protecting the financial system from emerging risks,” he said.

He noted that the NDIC has remained consistent in organizing this annual engagement as part of its broader mandate to work with other agencies in the fight against financial malpractices in banks and other financial institutions.

“This is a partnership aimed at building a resilient financial system. We all share the vision of a strong economy, as projected by the President, and this can only be achieved through a safe and stable banking sector,” Kushimo stated.

He emphasized the need to restore public and investor confidence in the financial system. According to him, effective prosecution of financial crimes is critical in deterring misconduct and reassuring both domestic depositors and the international community.

“As we continue with this year’s workshop, let us keep in mind the importance of strengthening our internal control systems, preventing insider fraud, and improving prosecution outcomes. The essence of criminal justice is deterrence, and that is what we must achieve to keep our financial system safe,” Kushimo added.

He welcomed participants and expressed optimism that the workshop would equip them with practical tools to enhance fraud prevention and crisis management in banks.

The NDIC’s capacity-building initiative remains a key part of its strategy to foster inter-agency cooperation, tackle emerging financial crimes, and protect the stability of Nigeria’s banking sector.

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The Nigeria Deposit Insurance Corporation (NDIC) has commenced its 2025 Capacity Building Workshop for Law Enforcement Agencies, reaffirming its commitment to strengthening the fight against financial crimes in Nigeria. The three-day workshop, taking place from July 7 to 9 at the Vintano Hotel, Lekki, Lagos, is equipping officers with modern investigative skills and professional conduct essential for effective law enforcement in the financial sector.

Declaring the workshop open, Mrs. Emily Osuji, Executive Director, Corporate Services, who is currently serving as the Acting Managing Director of the NDIC, delivered the welcome address and remarks on behalf of the Corporation. In her message, she underscored the critical role of law enforcement in safeguarding the financial system and charged participants to embrace professionalism, ethics, and continuous learning in the discharge of their duties.

“As custodians of financial system stability, we recognise that law enforcement is a critical frontline defence against economic crimes. This workshop is designed to sharpen your skills and enhance your capacity to investigate and prosecute financial crimes in line with global best practices,” Osuji stated.

She further stressed the NDIC’s commitment to inter-agency collaboration in fighting fraud and ensuring depositor protection, urging participants to maximize the learning opportunities presented during the sessions.

The 2025 workshop is focused on practical areas of law enforcement, including investigation techniques and crime scene management, tailored to meet the evolving dynamics of financial crimes.

Key topics covered during the training include Public Service Rules, Road Safety, Professional Conduct, Workplace Hygiene, and Record Management—areas designed to reinforce operational effectiveness and ethical conduct among law enforcement personnel.

According to the NDIC, the training reflects its broader mandate to promote financial system stability through capacity building, ethical leadership, and inter-agency cooperation.

Participants also used the workshop as a platform to reflect on emerging crime trends, share field experiences, and discuss strategies to address common enforcement challenges.

The NDIC emphasized that enhancing law enforcement capacity remains vital in the ongoing fight against financial crimes and fraud, and expressed confidence that the workshop would equip officers with the right tools to protect Nigeria’s financial sector more effectively.

As the training progresses, expectations are high that participants will return to their various agencies better prepared to tackle economic crimes with renewed professionalism and ethical commitment.

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This charge was delivered by Mrs. Emily Osuji, Executive Director of Corporate Services, who spoke on behalf of the Managing Director/Chief Executive Officer of NDIC, Mr. Sunday Oludare Thompson, at the 2025 Capacity Building Workshop for Law Enforcement Agencies. The three-day workshop, held from July 7 to 9 at the Vintano Hotel, Lekki, Lagos, brought together key players in law enforcement and financial regulation.

In attendance were the Director of Public Prosecution of the Federation, Mr. M.B. Abubakar; Commissioner of Police, Police Special Fraud Unit (PSFU), CP Ronke N. Okunade; and the Coordinator of the Federal Ministry of Industry and Urban Development (FMIU), DCP Sirajo M. Salisu, among other stakeholders, regulators, and security operatives.

Thompson emphasized that the NDIC, as a critical part of Nigeria’s financial safety net, remains committed to promoting a sound banking system, noting that stability in the financial sector is essential for the nation’s economic growth.

“The fight against insider abuses and financial malpractices in banks is central to safeguarding public confidence and ensuring financial system stability,”  Thompson said.

Managing Director explained that since 2012, the NDIC has consistently organized the annual workshop to strengthen the investigative and prosecutorial capacities of law enforcement officers, particularly in handling cases involving directors, managers, and officers of failed banks.

This year’s workshop theme, “Investigating and Prosecuting Financial Malpractices in Banks: A Critical Analysis of Strategies to Prevent Bank Failures,” underscores the urgent need for coordinated action against the systemic risks posed by unethical banking practices.

According to Thompson , collaborative efforts are already yielding results. She disclosed that:

• 11 financial crime cases are currently being prosecuted in courts,
• 25 investigations are ongoing with the Federal Ministry of Industry and Urban Development (FMIU),
• 8 cases are under the Economic and Financial Crimes Commission (EFCC), and
• 9 concluded investigations have been forwarded to the Federal Ministry of Justice for legal advice and possible prosecution.

Osuji also referenced the recent revocation of Heritage Bank Plc’s license by the Central Bank of Nigeria (CBN), revealing that investigations into the roles played by some of the bank’s directors and officers are underway.

He acknowledged the complexities of investigating financial crimes and encouraged law enforcement agencies not to relent, assuring them of NDIC’s continuous support.

Highlighting the growing threats in the financial sector, Thompson noted that criminal elements, particularly cybercriminals, are exploiting technological advancements in banking. She outlined prevalent fraud types such as ATM card fraud, unauthorized transfers, internet banking fraud, forged cheques, suppression of customer deposits, and money laundering.

NDIC Boss urged security operatives to stay ahead by constantly upgrading their skills and adapting to evolving financial technologies, warning that the vulnerabilities in modern banking require vigilance and robust internal controls from banks and financial institutions.

“The challenges are increasing, but through inter-agency cooperation and sustained capacity building, we can mitigate the risks and strengthen public trust in the financial system,” he said.

Thompson called on the Inter-Agency Task Force on the Failed Banks Act to remain committed to its mandate, adding that active collaboration between all stakeholders is critical to preventing future bank failures.

He encouraged participants to actively engage in the workshop discussions and work toward practical solutions that will advance financial stability.

The workshop was officially declared open as managing Director thanked facilitators and participants for their dedication to securing Nigeria’s financial landscape.

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Sunday’s entry into office follows Senate confirmation last week, positioning him to steer the NDIC through a fast-changing financial landscape. A key challenge awaiting his leadership is the sector’s recent retreat from USSD banking technology—an innovation banks once championed as a catalyst for financial inclusion but have now scaled back, citing high operational costs and strained partnerships with telecom operators.

Flashback: The Rise and Retreat of USSD Banking

The Unstructured Supplementary Service Data (USSD) platform was widely celebrated when Nigerian banks, in collaboration with fintech companies and telcos, rolled it out to reach millions of financially excluded Nigerians. Designed as a low-cost, mobile-based banking solution, the technology enabled users to perform basic transactions without internet access.

However, in recent months, industry enthusiasm has cooled. Disputes over transaction fees between banks and telecom operators, coupled with the banks’ increasing focus on app-based solutions, have eroded the once-promising service. Many financial institutions are now quietly de-emphasizing USSD, leaving fintech innovators and rural users in limbo.

Fresh Expectations for NDIC Under Sunday’s Leadership

Mr. Sunday’s appointment comes as stakeholders call for stronger financial safety nets amid these sectoral shifts. Observers expect his leadership to focus on the following areas:

• Enhanced Deposit Protection: The NDIC’s primary role of protecting depositors—especially vulnerable small savers—is expected to take center stage, as trust in digital financial services wavers.
• Policy Harmonization: Industry players anticipate closer collaboration between the NDIC, CBN, Nigerian Communications Commission (NCC), and other regulators to resolve policy conflicts such as the USSD fee impasse.
• Proactive Risk Management: With his background in risk oversight, Sunday is likely to drive a more proactive approach to identifying and stabilizing troubled banks and fintech platforms before crises erupt.
• Restoring Public Confidence: Rebuilding public trust in the financial system’s resilience is expected to be a major focus, particularly as economic volatility continues to test consumer confidence.
• Technology-Enabled Supervision: Analysts predict an increased focus on leveraging data analytics and digital tools to strengthen the NDIC’s monitoring and intervention capabilities.

Looking Ahead

Mr. Sunday assumes office at a time when the Nigerian financial services sector faces a crossroads: either re-energize its digital transformation journey or retreat into conservative, risk-averse operations.

His leadership at the NDIC will be closely watched by the banking community, fintech startups, and millions of Nigerian depositors who rely on a stable, secure financial ecosystem.

For now, all eyes are on his first policy statements and the direction he will chart for the corporation and the wider financial industry.

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The one-day seminar, held at the Legend Hotel, Ikeja, Lagos, focused on the theme: “Strengthening Adjudication and Depositor Confidence in the Banking System.”

Legal expert and Senior Advocate of Nigeria, Ahmed Raji, SAN, delivered a keynote presentation titled “The Investments and Securities Tribunal’s Jurisdiction and Depositor Protection: Challenges and Opportunities.” His paper examined the implications of the newly enacted Investment and Securities Act, 2025 (ISA 2025), which replaces the 2007 legislation and introduces major reforms aligned with global financial market practices.

Raji emphasized that the capital market remains a cornerstone of economic development by facilitating medium to long-term investments. According to him, the ISA 2025 significantly enhances the authority of the Securities and Exchange Commission (SEC) and introduces innovative provisions—including the recognition of digital assets, creation of the Investment Protection Fund, and a ban on Ponzi schemes.

He highlighted a crucial addition in the new law: a clearer legal definition of a “depositor” in the capital market context. Under ISA 2025, a depositor includes anyone who stores commodities in accredited warehouses for trading or investment purposes. This differs from the traditional understanding of depositors in banking, who typically place money in deposit money banks.

“Depositor protection is now broader and more urgent,” Raji said. “It’s no longer just about safeguarding money in banks but also securing tangible and digital assets within the capital market system.”

Raji praised the establishment and jurisdiction of the Investments and Securities Tribunal, which now has exclusive powers to hear disputes arising from capital market operations. He described the Tribunal as essential to ensuring market integrity and depositor trust, noting that justice must be prompt to be effective.

The senior lawyer also urged legal practitioners and regulatory authorities to address gaps in implementation and streamline dispute resolution processes in line with the Investment and Securities Tribunal (Procedure) Rules, 2022.

While commending ISA 2025 for modernizing Nigeria’s financial regulatory architecture, Raji warned that the legal reforms must be matched with effective execution to protect investors and promote economic resilience.

The seminar attracted top judicial figures and capital market stakeholders, providing a platform for dialogue on the intersection of law, policy, and financial market stability. It also reaffirmed the NDIC’s commitment to strengthening depositor confidence through stakeholder engagement and legal education.

As Nigeria navigates complex changes in its financial system, the call for judicial responsiveness and investor protection remains more relevant than ever.

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During a side line of the event interview, Mr. Amos Isaac Azi, Chairman of the Investments and Securities Tribunal (IST), emphasized the need for judicial efficiency to strengthen investor confidence and accelerate Nigeria’s economic development.

“The Tribunal’s statutory obligation is to resolve capital market disputes within 90 days from when hearings commence,” Azi stated.
“What’s exciting now is that the newly enacted 2025 Investments and Securities Act empowers investors to bring complaints directly to the Tribunal if the Securities and Exchange Commission (SEC) hasn’t resolved them within 60 days. This eliminates delays and opens up a time-bound route to justice.”

According to Mr. Azi, the Tribunal’s function is not just administrative—it is foundational to building investor trust, especially among foreign entities keen on the Nigerian market.

“No rational investor will risk capital in a jurisdiction where legal redress is either unpredictable or prolonged. The Tribunal now offers a clear path for those seeking fast, lawful resolution to financial disputes. This is how we deepen market integrity,” he added.

Joining the conversation at the seminar was Ahmed Raji, SAN, a renowned judge of the national industrial Court, a member of the investment and Securities tribunal and financial law expert, who lent a practitioner’s perspective to the discourse. Speaking on a side interview, Raji noted that while the law has made strides, operational implementation still needs sharpening.

“Justice delayed is confidence denied,” Raji asserted.
“The legal system must act swiftly, particularly in capital market disputes. We propose that appeals on points of law should be automatic, but appeals involving mixed facts and law should only proceed with leave of the Court of Appeal. This filters frivolous appeals and fast-tracks serious cases.”

The NDIC Acting Managing Director, Mrs Emily Osuji explain further about the purpose and objective of the sanitization event is to improve judicial awareness around deposit insurance, failed bank resolution, and NDIC’s statutory role in protecting depositors.

“Our collaboration with the judiciary is strategic. Many of our cases involve liquidated financial institutions with court-bound debt issues. Sensitizing judges on our legal mandate allows for fairer and more informed rulings,” she noted.

She clarified the Corporation’s statutory payout structure in insolvency matters: depositors come first, followed by creditors, and then shareholders, depending on available recoveries.

“In cases involving failed banks, Industrial Court judges are crucial. They often handle severance and employment claims. While these are valid, NDIC’s primary mandate is depositor protection. Understanding this legal priority ensures that all claims are assessed fairly within the legal framework,” she explained.

The sensitization seminar, which gathered justices from the National Industrial Court and IST members, marks the second cohort in NDIC’s 2025 judicial training series. It is part of a broader reform campaign by the Corporation to align the legal, regulatory, and enforcement arms of Nigeria’s financial system.

As Nigeria pursues economic resilience and investor-driven growth, collaboration between institutions like the NDIC, the IST, and the judiciary becomes critical. The 2025 Lagos seminar underscored that quick, fair, and expert handling of financial disputes isn’t just procedural, it’s a pillar of investor confidence. With voices like Azi and Raji SAN leading the charge, the legal system is being recalibrated to meet the demands of a modern, capital-driven economy

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In a deeply reflective and strategic engagement with Nigeria’s judicial community, the Nigerian Deposit Insurance Corporation (NDIC) made a powerful appeal—not just for legal cooperation, but for

The occasion was a Sensitization Seminar for Judges of the National Industrial Court and Members of the Investment and Securities Tribunal, held at the Legend Hotel, Ikeja, Lagos. The seminar, which has become a key part of the NDIC’s judicial engagement since 2012, focused on the theme: “Strengthening Adjudication and Depositor Confidence in the Banking System.”

Delivering the welcome address, Mrs. Emily Osuji, the Acting Managing Director/Chief Executive of the NDIC, emphasized that financial stability is not only a matter of law and economics—it is also a matter of people’s lives, savings, and trust. She noted that while legal frameworks provide structure, humane application of those laws ensures justice and economic confidence.

“At the heart of every failed bank case are thousands of ordinary Nigerians—workers, pensioners, market women—who depend on our financial system to protect their life savings,” she said. “We urge our Honorable Judges to uphold not only the law but also the humane intent behind our mandate.”

Mrs. Osuji outlined NDIC’s four-pronged statutory responsibility—Deposit Guarantee, Bank Supervision, Distress Resolution, and Bank Liquidation—under the NDIC Act, No. 33 of 2023. She explained that the Corporation insures depositors up to ₦5 million in Deposit Money Banks and ₦2 million in other micro and payment banks, providing a vital safety net during institutional failures.

The Acting MD reflected on recent achievements, including the orderly closure of Heritage Bank, which was executed swiftly and efficiently to minimize hardship. She emphasized the Corporation’s proactive stance in managing banking distress and the consistent efforts to investigate and prosecute those responsible for mismanagement.

Yet, Mrs. Osuji candidly acknowledged persistent legal challenges that threaten the Corporation’s ability to fulfill its mandate—especially long, drawn-out employment-related court cases initiated by former staff of failed banks.

“We understand that these individuals also have rights and stories,” she said, “but we ask that in resolving these disputes, the courts apply a humane and balanced lens, one that protects depositors’ funds and respects the legal framework of claim priorities.”

Of particular concern, she said, are judgments that allow former staff to execute against NDIC’s corporate assets—actions that could derail depositor reimbursement efforts and delay bank resolution.

She urged the judiciary to carefully consider the priority of claims outlined in the 2023 Act during adjudication, and reminded participants that depositors—many of whom are financially vulnerable—must remain the primary focus.

“This is not just a technical legal issue; it is a social justice issue,” she noted. “The system must prioritize those with the least power but the greatest stake.”

Mrs. Osuji also praised the judiciary’s evolving role in interpreting complex financial matters and expressed optimism that continued collaboration would strengthen the banking system. She reiterated NDIC’s commitment to working with judges and tribunal members to enhance legal clarity and systemic trust.

The seminar included detailed presentations on The Investment and Securities Tribunal’s Jurisdiction and Depositor Protection, aimed at deepening legal understanding of deposit insurance principles and recent regulatory developments.

Closing her remarks, Mrs. Osuji expressed gratitude to the participants and urged them to continue applying both legal precision and human empathy in their rulings.

“On behalf of the Interim Management Committee, Board, and staff of the Corporation, I thank you for your attention and wish you fruitful deliberations,” she concluded.

The NDIC’s message was clear: while laws define mandates, humane judgment will determine how those laws affect the lives of millions who rely on the banking system for their future.

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Their confirmation followed the presentation and adoption of the report by the Senate Committee on Banking, Insurance, and Other Financial Institutions, during plenary at the National Assembly in Abuja.

Chairman of the Committee, Senator Adetokunbo Abiru (APC–Lagos), who laid the report before the chamber, stated that the nominees were screened in line with the provisions of the NDIC Act, 2023. He noted that their performances during the screening process reflected strong qualifications, competence, and a deep understanding of the financial services sector.

“The nominees possess the required expertise, professional experience, and academic credentials to lead the NDIC at this critical time,” Abiru said. “There were no petitions or adverse reports against them, and they were duly cleared by the Department of State Services (DSS).”

Senator Abiru added that following a comprehensive engagement with the nominees, the committee was fully satisfied with their capabilities and therefore recommended their confirmation to the Senate.

Presiding over the plenary, Deputy Senate President Barau Jibrin praised the committee for its diligence, describing the confirmations as critical steps toward strengthening the leadership and governance structure of the NDIC board.

With the Senate’s confirmation, Mr. Sunday and Dr. Katata are expected to assume their new roles immediately, bringing their expertise to bear in safeguarding depositors’ funds and enhancing public confidence in Nigeria’s banking system.

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