The Central Bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) have pledged commitment to enhancing collaboration for the stability of Nigeria’s financial system.
The commitment was made when newly appointed management of the NDIC, led by Managing Director/Chief Executive Mr Thompson O. Sunday, recently paid a courtesy visit to the CBN Governor, Mr Olayemi Cardoso, at the Apex Bank headquarters in Abuja.
The visit underscored both institutions’ shared
Governor Cardoso congratulated Mr Sunday and the newly appointed Executive Director of Operations, Dr Kabir Katata, emphasising the importance of a strong partnership between the CBN and NDIC, particularly in these uncertain economic times. He remarked, “The CBN counts on NDIC’s support as we navigate through these challenges, and this meeting is a clear testament to our willingness to work together.”
Cardoso highlighted the critical lessons learnt during his two years in office, calling for proactive measures from both institutions to prevent potential shocks and safeguard the financial system.
He stressed the need to leverage modern tools to enhance financial stability, adding that the NDIC’s visit was a timely opportunity to discuss joint efforts in risk mitigation and depositor confidence.
Mr Thompson O. Sunday, the NDIC MD/CEO, commended the CBN for its successful reform programmes, including the stabilisation of the forex market and the recapitalisation of Deposit Money Banks.
He expressed NDIC’s commitment to aligning its operations with the newly amended NDIC Act of 2023 and shared the Corporation’s plans to restructure and develop a new corporate strategy.
In his address, Mr Sunday also detailed recent NDIC achievements, including the payment of N54.62 billion to over 690,000 depositors of the defunct Heritage Bank and the declaration of a liquidation dividend to uninsured depositors.
He outlined key challenges faced by the Corporation, including the lack of a unique identifier for corporate customers and difficulties in premium collection from institutions that don’t maintain accounts with the CBN.
He urged both organisations to collaborate in addressing these gaps and to develop a joint crisis preparedness framework to strengthen crisis management capabilities.
Mrs Rita Sike, Director of the CBN’s Financial Policy and Regulation Department, welcomed the proposal for a joint framework and noted that the CBN was working on enhancing the Credit Risk Management System (CRMS) to integrate the Global Standing Instruction (GSI), which will also enable the onboarding of other financial institutions.
The meeting was attended by senior officials from both institutions, including Dr. Kabir Katata, Mrs. Regina Dimlong, and Mr. Yakubu Shehu from the NDIC, alongside Mrs. Sike and other key CBN representatives.
This visit marks a significant step in fostering stronger collaboration between the CBN and NDIC as both work together to ensure the continued stability of Nigeria’s financial landscape
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.
