The Nigerian Deposit Insurance Corporation is reinforcing its long-standing partnership with the Nigerian Institution of Estate Surveyors and Valuers as both bodies move to tighten the framework for valuing assets of failed banks. For the NDIC, the accuracy of those valuations is not a procedural detail, it is the backbone of efficient liquidation and timely payment to depositors.
This was the clear message from the Managing Director and Chief Executive of the NDIC, Mr. Thompson Oludare Sunday, when he received the President and Chairman of Council of NIESV, Dr. Victor Adekunle Alonge, and members of his executive team during a courtesy visit to the Corporation’s headquarters in Abuja.
Mr. Sunday explained that during the liquidation of failed banks, the NDIC depends on precise and credible valuation reports to determine the true worth of assets. According to him, this accuracy ensures assets are sold at the best possible value. He referenced information provided by Hawwau Gambo, Head of Communication and Public Affairs at the NDIC, noting that proceeds from these sales help the Corporation pay depositors whose balances exceed the insured amount. He said this makes professionalism in valuation central to protecting depositor funds.
He added that transparency, fairness, and value-for-money in the disposal process are vital, since they influence public confidence and the overall stability of the financial system. Mr. Sunday urged NIESV leadership to maintain the highest ethical standards and guard against insider abuse, while noting that the NDIC itself is improving its internal processes. He mentioned the development of a comprehensive Asset Management Policy that will guide asset identification, documentation, valuation procedures, disposal strategies, and accountability in recoveries.
The NDIC boss expressed interest in stronger collaboration, especially through joint training and knowledge exchange for NDIC staff and NIESV members in areas such as emerging valuation methodologies, asset management, and sustainable valuation practices.
Responding, Dr. Alonge reaffirmed NIESV’s commitment to professionalism and integrity. He highlighted that the Institution was established by an Act of Parliament and operates with strict disciplinary procedures to address unethical conduct among its members. He stressed that NIESV remains committed to supporting the NDIC, describing the partnership as essential to improving service delivery and strengthening trust in the banking system.
The visit highlighted a shared resolve by both institutions to enhance professional standards, deepen cooperation, and improve the bank liquidation process for the wider stability of Nigeria’s financial landscape.
