The Managing Director and Chief Executive Officer 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 confronting the nation’s financial system.
A statement issued by Hawwau Gambo, Head of Communication and Public Affairs Department, NDIC and made available to PLATFORM TIMES on Thursday, stated that Sunday made the call when the President and 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 statement further indicated that the NDIC boss emphasized the need for stronger synergy between both institutions in tackling critical issues such as digital banking, cybersecurity, fraud prevention, forgery control, and sound risk management practices.
He noted that with the rapid evolution of technology and financial innovations, regulators and operators must work together to ensure a robust and resilient banking ecosystem capable of withstanding emerging disruptions.
“The phenomena of these emerging issues are on the rise. Regulators and operators must collaborate to build a stronger financial ecosystem that can withstand the vagaries of innovation and continue to deliver value to the economy,” Sunday stated.
Commending the CIBN for its sustained contributions to the growth and professionalism of Nigeria’s banking sector, Sunday urged the Institute to intensify collaboration with regulators in designing innovative failure-resolution strategies that will further strengthen the resilience of the financial system.
He also reaffirmed NDIC’s commitment to supporting professional institutions like the CIBN in implementing programmes that promote innovation while maintaining sound risk management frameworks and financial system stability.
In his remarks, CIBN President, Prof. Olanrewaju, congratulated Sunday on his appointment as NDIC Managing Director and expressed confidence in his capacity to uphold the Corporation’s integrity and public trust.
Olanrewaju commended NDIC for its notable achievements, including the upward review of deposit insurance coverage, the swift reimbursement of depositors of the defunct Heritage Bank through technology-driven platforms, and the commencement of liquidation dividend payments within one year of the bank’s closure.
He said these milestones have strengthened public confidence in the banking system and underscored NDIC’s vital role in maintaining financial stability.
The CIBN President further appreciated NDIC’s active participation on the Institute’s Governing Council, noting that the Corporation’s contributions have enhanced the Council’s oversight, policy direction, and ethical standards.
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