The Nigeria Deposit Insurance Corporation (NDIC) and the Chartered Institute of Bankers of Nigeria (CIBN) have strengthened their collaboration to address emerging risks and challenges within Nigeria’s banking sector.
This was made known in a press statement made available to Pinnacle Daily and signed by the Head of Communication and Public Affairs, NDIC, Hawwau Gambo, on Thursday, October 9, 2025.
According to the statement, the NDIC Managing Director/Chief Executive, Mr. Thompson Oludare Sunday, made the call for enhanced collaboration during a courtesy visit by the CIBN President and Chairman of Council, Prof. Pius Deji Olanrewaju, and his executive team to the NDIC headquarters in Abuja.
Mr. Sunday emphasised the need for stronger partnership between both institutions in critical areas such as digital banking, cybersecurity, fraud and forgery prevention, and sound risk management.
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“As these emerging issues continue to evolve, regulators and operators must work together to build a more resilient financial ecosystem capable of delivering sustainable value to the economy,” he said.
He commended the CIBN for its professionalism and contributions to the growth of Nigeria’s banking industry, urging the Institute to collaborate more closely with regulators to design innovative failure-resolution strategies that enhance the stability of the financial sector.
The NDIC boss reiterated the Corporation’s commitment to supporting professional institutions like the CIBN in developing programmes that promote innovation while maintaining sound risk management and financial system stability.
In his remarks, Prof. Pius Deji Olanrewaju congratulated Mr. Sunday on his appointment and commended the NDIC for notable milestones, including the upward review of deposit insurance coverage, the swift reimbursement of depositors of the failed Heritage Bank, and the commencement of liquidation dividend payments within one year of the bank’s closure.
He noted that these achievements have strengthened depositor and investor confidence in the nation’s financial system.
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“NDIC’s proactive steps have significantly improved public trust and reinforced the foundation of Nigeria’s banking sector,” Olanrewaju stated.
The statement added that the CIBN President appreciated NDIC’s active role in the Institute’s Governing Council, noting that its participation has enhanced policy direction, ethical standards, and regulatory collaboration.
Both institutions pledged to sustain their partnership in capacity building, research, and digital innovation to better prepare the banking sector for emerging challenges.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
