Barbara Bako, Abuja.
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to strengthening the country’s Deposit Insurance Funds (DIFs) to safeguard depositors and enhance the stability of the financial system amid potential banking sector shocks.
Managing Director and Chief Executive of the NDIC, Thompson Oludare Sunday, disclosed this during a courtesy visit to the Director-General of the Budget Office of the Federation, Tanimu Yakubu, in Abuja.
Sunday said the Corporation was intensifying efforts to build stronger insurance reserves capable of addressing systemic banking crises without depending on government bailouts.
According to him, although financial crises are sometimes unavoidable, the NDIC has consistently prioritised robust DIFs as part of its crisis preparedness and contingency framework.
He noted that the strategy enabled the Corporation to begin payments to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours after the Central Bank of Nigeria revoked the licences of the institutions in December 2025.
The NDIC boss added that the Corporation would continue to deepen collaboration with the Budget Office to ensure alignment with the Federal Government’s fiscal and economic priorities.
He also said the Corporation remains committed to supporting the Federal Government’s ambition of building a one-trillion-dollar economy by 2030 through sustained financial system stability.
In his remarks, the Director-General of the Budget Office, Tanimu Yakubu, commended the NDIC for maintaining transparency in the management of the Deposit Insurance Funds.
Yakubu urged the Corporation to adopt more technology-driven investment strategies to further strengthen the funds and improve depositor protection in the event of bank failures.
He also advised the NDIC to benchmark its investment instruments against global best practices adopted by leading deposit insurance institutions worldwide to reinforce its funding framework.
The visit formed part of ongoing institutional engagements aimed at strengthening cooperation between both agencies and promoting confidence in Nigeria’s financial system.
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