The Nigeria Deposit Insurance Corporation (NDIC) has made a strong appeal for enhanced cooperation with estate valuers to strengthen the safety net for bank customers across the country.
NDIC Stresses Critical Role of Accurate Valuation
During a courtesy visit by the leadership of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Abuja, the Managing Director and Chief Executive of the NDIC, Thompson Sunday, outlined the vital link between professional asset appraisal and depositor protection. The meeting, which took place on 2 December 2025, saw Sunday emphasize that credible valuation reports are the bedrock for determining the true worth of assets recovered from failed banks.
He explained that the proceeds generated from the subsequent sale of these assets are directly channeled to pay depositors whose balances exceed the insured limits set by the Corporation. "Professionalism by NIESV members directly supports financial stability and depositor protection, ensuring transparency, fairness, and value-for-money in asset recovery," Sunday stated.
Commitment to Ethics and Internal Reforms
The NDIC boss further called on the valuation institution to uphold the highest ethical standards in its practice. He also highlighted ongoing internal reforms within the NDIC designed to improve processes. A key initiative is the development of a comprehensive Asset Management Policy, aimed at boosting transparency and accountability in the management and recovery of assets from liquidated banks.
In his response, the President of NIESV, Dr. Victor Adekunle Alonge, reaffirmed the Institution's dedication to professionalism and integrity. Alonge pointed out that NIESV enforces strict disciplinary measures against any member found engaging in unethical conduct. He pledged the Institution's continued technical support and cooperation with the NDIC to fortify the bank liquidation process and, ultimately, enhance public confidence in Nigeria's financial system.
A Renewed Partnership for Financial System Stability
A statement issued by the Head of the Communication and Public Affairs Department at the NDIC, Hawwau Gambo, clarified that the high-level engagement signifies a renewed commitment from both bodies. The core objectives of this strengthened alliance are:
- To enhance collaborative efforts.
- To raise professional standards within the valuation sector as it relates to banking.
- To ensure the effective protection of depositors nationwide.
This partnership is viewed as a critical step in safeguarding the interests of everyday Nigerians who entrust their funds to the banking system, ensuring that even in the event of a bank failure, there is a robust and fair mechanism for recovery.
