Nigeria Deposit Insurance Corporation - NDIC

Banking System Stability: NDIC, NCGC to Promote Unified Risk Management, Early Warning System

The Executive Managements of the Nigeria Deposit Insurance Corporation (NDIC) and the National Credit Guarantee Company (NCGC) are working together to deepen sound risk management and early warning system in the financial services industry.

Talks on strengthening the framework for banking sector resilience were the subject of discussion when the MD/CEO of the NCGC, Mr. Bonaventure Okhaimo led members of his team on a courtesy visit to the NDIC's MD/CE, Mr. Thompson Oludare Sunday in Abuja.

While the NCGC focuses on unlocking access to credit through risk-sharing mechanisms, the NDIC is committed to safeguarding depositors’ funds and promoting confidence in the banking system, thereby strengthening financial intermediation and supporting inclusive development.

To this end, the two Chief Executives agreed to draw on their complementary mandates to promote Unified Risk Management and Early Warning System to reinforce the resilience of the banking system and expand access to credit for businesses and individuals.

NDIC wishes you happy celebrations with friends and family!

NDIC Strengthening Deposit Insurance Funds to Support Prompt Depositor Pay out

The Executive Management Team of the Nigeria Deposit Insurance Corporation (NDIC) has paid a courtesy visit to the Director-General, Budget Office of the Federation (BOF), Mr. Tanimu Yakubu in Abuja.

Led by the Managing Director/Chief Executive, Mr. Thompson Oludare Sunday, alongside the Executive Director (Corporate Services), Mrs Emily Osuji, and Executive Director (Operation), Dr. Kabir Katata, the NDIC Senior Management apprised the DG (BOF) with various measures taken by the Corporation to build Deposit Insurance Funds (DIFs) that are strong enough to support speedy payout to depositors in the unlikely event of a failed bank.

Mr. Sunday explained that strong DIFs are critical to enhancing the Corporation’s capacity to respond effectively to potential systemic crises in the banking sector without relying on government intervention. He noted that while financial crises may be inevitable, the NDIC has consistently prioritised robust DIFs as a key component of its contingency planning and crisis preparedness framework.

The DG (BOF), Mr. Tanimu Yakubu, commended the Corporation, for its transparency and encouraged the adoption of technology-driven investment strategies and global best practices to further strengthen depositor protection in the country.

YOUTH LEADERSHIP: NDIC, NILE UNIVERSITY HOST IMMERSION CHALLENGE FOR BUSINESS SCHOOL STUDENTS

The Nigeria Deposit Insurance Corporation (NDIC) and the Business School of Nile University, Abuja have collaborated to hold an Executive Industry Immersion Challenge (EIIC) for students of the University's Business School at the NDIC’s Head Office in Abuja.

Speaking during the 4-day programme, MD/CE, Mr. Thompson Oludare Sunday, said the Corporation accepted to host the programme as a strategic initiative toward addressing the widening gap between the academia and the business community.

According to the NDIC Chief Executive, the rapidly evolving global work environment requires professionals who possess both theoretical knowledge and practical insight into the realities of the corporate world.

In his remarks, the Dean of the Nile Business School, Prof. Hauwa Lamido, represented by a senior faculty member, Dr. Festus Ekechi said the choice of NDIC for the Programme was informed by the Corporation’s footprint of sound corporate governance, professionalism and integrity in the nation’s financial landscape.

Banking with confidence means saving your money in CBN Licensed Banks where you can be sure that your deposits are protected by NDIC.

NDIC, CDIC Taiwan Benchmark Deposit Insurance Experience

An NDIC delegation led by the Executive Director (Corporate Services), Mrs. Emily Osuji recently completed a study visit program with the Central Deposit Insurance Corporation (CDIC), Taiwan.

The collaborative visit enabled the two organisations to benchmark each other in critical and emerging areas of the Deposit Insurance System (DIS) such as design, bank resolution frameworks, application of digital technologies and Artificial Intelligence as well as risk monitoring and early warning signals in DIS operations in particular and financial safety net in general.

NDIC also exchanged views with Taiwan’s SME Credit Guarantee Fund on strategies and framework to promote stability in the micro, small and medium enterprises sector of the economy. The visit provided a valuable platform to share Nigeria’s experience and learn from global best practices.

NDIC remains committed to leveraging international partnerships to strengthen depositor protection and enhance the resilience of Nigeria’s financial system.

Happy Workers Day from All of US at NDIC

Beware of Wonder Banks!!!

Resolution of Failed Banks: NDIC Commences Process to Conclude the Liquidation of 89 MFBs & PMB.

Read the list of the defunct banks and assuming new banks here: https://ndic.gov.ng/resolution-of-failed-banks-ndic-commences-process-to-conclude-the-liquidation-of-89-mfbs-pmb/