The Nigerian Deposit Insurance Corporation (NDIC) has called on the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to deepen collaboration in the valuation of assets from failed banks, stressing that accuracy and professionalism are crucial to safeguarding depositors’ funds.
Mr. Thompson Oludare Sunday, MD/CE of NDIC, made the appeal during a courtesy visit by Dr. ESV Victor Adekunle Alonge, President and Chairman of Council of NIESV, and his executive team to the NDIC Head Office in Abuja.
“The NDIC relies heavily on credible and precise valuation reports from NIESV members to determine the true worth of assets during the liquidation of failed banks.
This ensures that assets are sold at the best possible value, with proceeds applied toward depositors’ balances above the insured amount,” Mr. Sunday said.
“Professionalism in valuation is not just a technical requirement; it directly contributes to financial stability and depositor protection by ensuring transparency, fairness, and value-for-money in asset recovery.”
He urged NIESV leadership to maintain the highest ethical standards, cautioning against insider abuse, while highlighting NDIC’s efforts to strengthen internal processes, including the development of a comprehensive Asset Management Policy.
“We are enhancing our procedures for asset identification, valuation, disposal, and recovery to ensure transparency and accountability,” Mr. Sunday added.
The NDIC chief executive also emphasized the importance of joint training and knowledge exchange between NDIC staff and NIESV professionals, particularly on emerging valuation methodologies and sustainable asset management practices.
Responding, Dr. Alonge reaffirmed NIESV’s commitment to integrity and professionalism.
“Our Institution, established by an Act of Parliament, maintains strict disciplinary measures to sanction unethical practices,” he said.
“We are fully committed to supporting the NDIC technically and professionally. This partnership is vital to improving service delivery and strengthening public confidence in Nigeria’s banking system.”
The visit highlighted the shared goal of both institutions to enhance the bank liquidation process, raise professional standards, and fortify the stability of Nigeria’s financial system.
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