NDIC, CIBN Strengthen Collaboration to Address Emerging Banking Risks
By Patience Ikpeme
The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has called for stronger collaboration with the Chartered Institute of Bankers of Nigeria (CIBN) to address emerging risks and challenges in the nation’s banking industry.
Mr. Sunday made the call when the President and Chairman of Council of the CIBN, Prof. Pius Deji Olanrewaju, led a delegation of the Institute’s executive members on a courtesy visit to the NDIC headquarters in Abuja.
He said both institutions must work more closely in critical areas such as digital banking advancements, cybersecurity, fraud prevention, forgery detection, and overall risk management.
According to him, the increasing complexity of the financial system requires a united approach between regulators and operators to safeguard public confidence and ensure long-term stability.
“As new issues continue to emerge in the banking sector, regulators and operators must unite to develop proactive solutions that strengthen the financial ecosystem. The goal is to ensure that our system adapts to innovation while effectively delivering economic value” Mr. Sunday said.
The NDIC boss commended the Chartered Institute of Bankers of Nigeria for its sustained efforts in promoting professionalism and ethical standards within the banking industry. He urged the Institute to deepen its engagement with regulatory bodies and collaborate on the development of innovative failure resolution strategies that would enhance the sector’s resilience.
Reiterating NDIC’s commitment to supporting professional institutions, Mr. Sunday assured that the Corporation would continue to partner with CIBN to design and implement programmes that encourage innovation, sound risk management, and financial system stability.
In his remarks, the CIBN President, Prof. Olanrewaju, congratulated Mr. Sunday on his appointment as NDIC Managing Director, expressing confidence in his leadership to advance the Corporation’s mandate. He commended NDIC for several recent achievements that have strengthened depositor confidence and trust in the banking system.
Prof. Olanrewaju particularly noted the Corporation’s successful increase in deposit insurance coverage, describing it as “a major step toward enhancing public trust in the financial sector.” He also praised NDIC’s efficient use of technology to fast-track reimbursements to depositors of the defunct Heritage Bank and its ability to commence liquidation dividend payments within a year of the bank’s closure.
“These are remarkable milestones that have not only reassured depositors but also reinforced investor confidence in Nigeria’s banking supervision framework,” he said.
The CIBN President further commended NDIC’s active participation in the Institute’s Governing Council, noting that its involvement has improved policy oversight, strategic direction, and ethical governance within the body.
The visit, according to both institutions, marks another step in strengthening the partnership between NDIC and CIBN toward building a more secure, innovative, and resilient banking sector capable of meeting the demands of Nigeria’s evolving financial landscape.
