Emerging Risks: Deposit Insurance Corporation, Bankers Strengthen Partnership

The managing director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Thompson Oludare Sunday, has called for deeper collaboration between the Corporation and the Chartered Institute of Bankers of Nigeria (CIBN) to address emerging risks and challenges in Nigeria’s banking industry.

Sunday made the call on Thursday during a courtesy visit by the president and chairman of Council of the CIBN, Professor Pius Deji Olanrewaju, and members of his executive team to the NDIC headquarters in Abuja.

The NDIC boss emphasised the need for stronger synergy between both institutions, particularly in critical areas such as digital banking, cybersecurity, fraud and forgery prevention, and sound risk management practices.

He noted that as the banking landscape continues to evolve amid technological innovations and digital transformation, it has become imperative for regulators and operators to work together to mitigate new risks and safeguard financial stability.

“The phenomena of these emerging issues are on the rise, and regulators and operators must come together to proffer solutions that will build a stronger financial ecosystem capable of withstanding the vagaries of innovation while delivering value to the economy,” Sunday stated.

While commending the CIBN for its steady growth and impact on professionalism in the banking sector, Sunday urged the Institute to intensify collaboration with regulatory bodies to develop innovative failure resolution strategies that would enhance the resilience of Nigeria’s financial system.

He reaffirmed NDIC’s commitment to supporting professional institutions like the CIBN in designing and implementing programmes that promote innovation without compromising sound risk management frameworks and financial system stability.

In his remarks, the CIBN president, Professor Pius Deji Olanrewaju, congratulated Sunday on his appointment as NDIC Managing Director, expressing confidence in his ability to sustain and strengthen public trust in the Corporation.

Professor Olanrewaju commended the NDIC for its “notable milestone achievements,” citing the recent upward review of deposit insurance coverage, the deployment of technology to fast-track the reimbursement of depositors of the defunct Heritage Bank, and the commencement of liquidation dividend payments within a year of the bank’s closure.

He said these accomplishments have greatly enhanced depositor and investor confidence in the Nigerian financial system, reinforcing NDIC’s reputation as a key pillar of banking stability.

The CIBN President also lauded the NDIC for its “invaluable contributions and active role” as a member of the Institute’s Governing Council, noting that the Corporation’s participation has strengthened the Council’s oversight, policy direction, and ethical leadership.