By Musa Ibrahim
The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has called for deeper collaboration between the corporation and the Chartered Institute of Bankers of Nigeria (CIBN) to address emerging risks and challenges in Nigeria’s banking sector.
Mr. Sunday made the call when the President/Chairman of Council of the CIBN, Prof. Pius Deji Olanrewaju, led members of his executive team on a courtesy visit to the NDIC headquarters in Abuja.
The NDIC boss highlighted the growing relevance of joint institutional efforts in tackling evolving issues such as digital banking vulnerabilities, cybersecurity threats, fraud prevention, and sound risk management practices.
“While these emerging issues continue to evolve, regulators and operators must collaborate to find sustainable solutions that strengthen our financial ecosystem,” Sunday said. “Only through partnership can we build a system resilient enough to harness innovation while protecting depositor interests and maintaining economic stability.”
He commended the CIBN for its longstanding contributions to the professional development of Nigeria’s banking industry and urged the Institute to take greater interest in working closely with regulators to design innovative failure resolution mechanisms that bolster the sector’s resilience.
Mr. Sunday reaffirmed NDIC’s commitment to supporting professional bodies in developing programmes that promote innovation without compromising prudential standards or financial system soundness.
“The corporation remains committed to working with institutions like the CIBN to ensure that as the industry evolves, so do the mechanisms that safeguard its integrity,” he added.
CIBN Commends NDIC’s Leadership and Reforms
In his remarks, Prof. Olanrewaju congratulated Mr. Sunday on his appointment as NDIC’s Managing Director/Chief Executive, describing him as a tested professional whose leadership would further strengthen depositor protection and public trust in the banking system.
The CIBN President lauded NDIC’s recent reforms and operational efficiency, citing the upward review of deposit insurance coverage, the use of technology in reimbursing depositors of the defunct Heritage Bank, and the swift commencement of liquidation dividend payments within one year of the bank’s closure.
“These achievements have deepened public confidence in the financial system and demonstrated NDIC’s unwavering commitment to depositor protection,” Olanrewaju stated.
He also acknowledged NDIC’s valuable contributions as a member of the CIBN Governing Council, noting that its active participation has enhanced the Council’s policy formulation, oversight, and ethical leadership.
The visit, according to both leaders, reaffirmed the shared commitment of NDIC and CIBN to build a resilient, innovative, and secure banking sector capable of driving Nigeria’s economic growth.
