NDIC, Estate Valuers to Deepen Cooperation
By Patience Ikpeme
The Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has urged the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to deepen its collaboration with the Corporation, saying the NDIC depends heavily on the accuracy and credibility of valuation reports when liquidating failed banks and paying depositors.
Mr. Sunday made the appeal in Abuja during a courtesy visit by the President and Chairman of Council of NIESV, Dr. Victor Adekunle Alonge, who led members of the Institution’s executive team to the NDIC headquarters.
Speaking during the meeting, the NDIC boss explained that valuation reports produced by NIESV members play a decisive role in determining the true market value of assets belonging to failed banks. He said such reports are essential for ensuring that assets are disposed of at the best possible price, which ultimately benefits depositors.
Mr. Sunday noted that the funds generated from asset sales are applied towards settling depositor balances that exceed the insured limits. According to him, the precision and professionalism of estate valuers directly influence how much depositors recover, making their work central to safeguarding public confidence in the financial system.
He said NIESV’s role contributes significantly to transparency, fairness and value realisation in the disposal of assets and the overall recovery process. He stressed that maintaining the highest levels of expertise and ethical conduct within the valuation profession is critical to supporting financial system stability.
The NDIC chief also urged the leadership of NIESV to remain vigilant against insider dealings and to continue upholding strong ethical standards. He disclosed that the Corporation is enhancing its internal frameworks, including the development of a comprehensive Asset Management Policy that will address asset identification, documentation, valuation procedures, disposal methods, and accountability in recoveries.
Mr. Sunday said the NDIC is keen on expanding cooperation between both organisations through joint training programmes and knowledge-sharing initiatives. He added that such collaboration would be particularly useful in areas such as modern valuation techniques, asset management approaches and sustainability-focused valuation practices.
Responding, NIESV President Dr. Victor Adekunle Alonge restated the Institution’s dedication to ethical conduct and professionalism. He said NIESV, established by an Act of Parliament, operates strict disciplinary processes to penalise any member found to be unethical or deficient in professional conduct.
Dr. Alonge further pledged the Institution’s continued support to the NDIC, noting that their partnership remains essential for improving service delivery and bolstering public trust in the banking system.
The meeting reinforced the shared determination of both bodies to enhance collaboration, uphold professional standards and strengthen Nigeria’s bank liquidation framework in pursuit of a more resilient financial sector.
