The newly appointed Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has assured Nigerians of consolidating on the successes of the corporation by fine-tuning existing structures to make them more effective and responsive to current risks in the financial system.
Sunday gave the commitment during the 2025 Stakeholders’ Retreat of the Senate Committee on Banking, Insurance, and Other Financial Institutions with the NDIC, in Niger State.
Speaking at the retreat with the theme: “Legislative and Policy Support for a More Effective Deposit Insurance System,” Sunday acknowledged the strong foundation already laid by previous leaderships of the NDIC and pledged to build on that legacy while introducing necessary innovations, especially in the area of risk management.
“There is no invention or reinventing of a new wheel. If things are working, the only thing we can do is fine-tune and make sure they are better, and that is the promise that we give,” Sunday stated.
The NDIC boss particularly noted the need for a more robust risk management framework that takes into account evolving challenges, including cybersecurity threats and operational vulnerabilities in the banking ecosystem.
“We’ve had the charge around needing to review our risk management system. As things develop, especially cybersecurity, we need to be up and doing, and we would address those significantly. They are part of the vision that we have for the organisation,” the NDIC boss added.
In his opening remarks, Chairman, Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Mukhail Adetokunbo, commended the NDIC leadership for its professional management over the years, placing it among respected global peers.
“I think that the leadership of NDIC has done well. They have managed the organisation very well. NDIC is respected in the committee of the International Association of Deposit Insurers (IADI),” Senator Adetokunbo noted.
He called on the new leadership to build on the track record of the Corporation and rise to the occasion in addressing new and emerging risks in Nigeria’s financial landscape.
“There is a need for us to rise up beyond the normal in handling the changes and risks of the banking sector you are saddled to oversee,” he said.
The lawmak assured the NDIC of unwavering legislative support in strengthening its mandate and operations, while also emphasising the need for reciprocal cooperation from the Corporation.
“We will support you from the legislative point of view. We also need your cooperation and understanding. In all of this, honestly, we would be proud to be a part of NDIC,” he said.
He added that the era of traditional risks in banking was over, stressing the importance of equipping deposit insurance frameworks to respond to cyberattacks and digital banking failures.
“This is the era, beyond the normal challenges that banks ordinarily have, like having challenges around cyberattacks and all of that, and I’m sure it’s part of what you are going to build into managing the risks of the banking sector that you are also starting to oversee,” Senator Abiru added.
Also speaking at the retreat, Senator Babangida Hussain, representing Jigawa North-West Senatorial District, called on the NDIC to enhance supervision across the banking sector to strengthen transparency and accountability.
He expressed concern over lingering issues in the system, including insider abuse and delayed interventions in distressed banks.
“If we strengthen that aspect, we can control and check scandals for early detection and prevention,” he said.
Senator Hussain advised the new team to urgently address the rising cases of unethical practices by banking insiders, noting that swift action would help restore confidence in the sector. “Look at that so that you can put a closure to such cases. Entrench ethical standards and practices,” he said.
In a similar vein, Senator Victor Umeh, representing Anambra Central Senatorial District, stressed the critical role of NDIC in protecting depositors from financial losses resulting from bank failures.
“The major task ahead of you is to ensure nobody loses his money in the banks. Let them not lose their money and begin to look for ways to pay back,” Umeh said.
Senator Umeh emphasised that the most effective way to maintain public trust in the banking system is to prevent failures rather than responding only after damages.
