The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its unwavering commitment to fiscal discipline and financial accountability as it intensifies efforts to protect depositors and strengthen confidence in the nation’s banking system.
Managing Director/Chief Executive of the NDIC, Mr. Thompson Oludare Sunday, disclosed this during a courtesy visit to the Managing Director of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, in Abuja.
The visit forms part of NDIC’s ongoing engagement with key stakeholders following Mr. Sunday’s assumption of office in July 2025.
Mr. Sunday emphasized that the NDIC strictly adheres to fiscal and financial regulations, including the provisions of the Fiscal Responsibility Act (FRA) 2007.
He stated that the corporation consistently remits the required portion of its earnings to the Federal Government, either 20 per cent of gross earnings or 80 per cent of net surplus, and submits its financial statements ahead of statutory deadlines.
“The NDIC takes financial accountability and transparency seriously. Compliance with statutory remittance obligations and fiscal discipline is central to our credibility and effectiveness as a financial safety-net institution,” Mr. Sunday said.
He highlighted that while the Federal Government’s 50 per cent cost-to-income ratio policy affects NDIC’s ability to build a robust Deposit Insurance Fund, the corporation continues to comply.
Mr. Sunday noted that adequate funding is critical for reimbursing depositors in the event of bank failures, in line with international best practices under the Core Principles for Effective Deposit Insurance issued by the International Association of Deposit Insurers (IADI).
He further disclosed that the NDIC is seeking exemptions to strengthen its capacity to respond effectively to banking crises.
Acknowledging the role of MOFI as a major stakeholder holding 40 per cent equity in NDIC, Mr. Sunday stressed the importance of sustained collaboration to ensure NDIC meets its obligations while safeguarding depositors’ funds.
In his response, Dr. Takang commended the NDIC’s compliance and collaborative approach, assuring continued support and engagement with the Federal Ministry of Finance. “A strong NDIC is vital to sustaining public confidence in Nigeria’s financial system,” he said.
Both institutions reaffirmed their commitment to transparency, accountability, and continued cooperation, with Mr. Sunday reiterating NDIC’s focus on balancing regulatory compliance with its primary mandate of depositor protection and financial system stability.
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