Nigeria Deposit Insurance Corporation has reiterated its commitment to strengthening its Deposit Insurance Funds (DIFs) to enhance the stability and resilience of Nigeria’s financial system.
Managing Director and Chief Executive Officer of the corporation, Thompson Oludare Sunday, stated this during a courtesy visit to the Director-General of the Budget Office of the Federation, Tanimu Yakubu, in Abuja.
Sunday said building strong Deposit Insurance Funds remains critical to improving the corporation’s ability to respond effectively to potential systemic crises in the banking sector without relying on government intervention.
According to him, although financial crises may be inevitable, the NDIC has consistently prioritised robust DIFs as part of its contingency planning and crisis preparedness strategy.
He noted that the corporation’s preparedness enabled it to begin payments to depositors of Aso Savings & Loans Plc and Union Savings & Loans Plc within 72 hours after the revocation of their operating licences by the Central Bank of Nigeria in December 2025.
The NDIC chief also stressed the importance of sustained collaboration with the Budget Office of the Federation, noting that the corporation would continue aligning its operations with the national budgetary framework.
He said the NDIC remained committed to evidence-based planning and supporting national economic growth and development through strategic institutional partnerships.
Sunday further highlighted the Federal Government’s target of building a one-trillion-dollar economy by 2030, assuring that the NDIC would continue to play a key role in supporting the realisation of that objective.
In his remarks, Yakubu commended the NDIC for what he described as transparency in the management of the Deposit Insurance Funds.
He urged the corporation to adopt technology-driven investment strategies to further strengthen the funds and sustain public confidence in the financial system in the event of bank failures.
Yakubu also advised the NDIC to benchmark its investment instruments against global best practices adopted by other deposit insurance institutions to further consolidate its funding framework.
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