|By Adejumo Adekunle
The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have reaffirmed their commitment to intensify collaboration aimed at strengthening the country’s financial system, reducing sector risks, and sustaining depositor confidence.
CBN Governor, Mr. Olayemi Cardoso, made the call during a courtesy visit by the newly appointed NDIC management team, led by Managing Director Thompson O. Sunday, at the CBN headquarters in Abuja.
Cardoso emphasised the critical role of synergy between the apex bank and the deposit insurer in navigating financial headwinds, stating that the CBN relies on the NDIC’s support to preempt shocks using modern risk-mitigation tools.
“Our meeting today is a clear testament to our willingness to work together,” Cardoso said. “The CBN counts on NDIC’s support in navigating the uncertain times that we are in. This visit underscores our shared commitment to safeguarding Nigeria’s financial system.”
The CBN Governor also congratulated Sunday and the new Executive Director of Operations on their appointments, expressing optimism about renewed institutional cooperation.
On his part, Mr. Sunday praised the CBN’s reform strides under Cardoso’s leadership, particularly in stabilising the forex market and recapitalising Deposit Money Banks. He assured the CBN of the NDIC’s dedication to aligning its operations with the NDIC Act 2023 and announced an upcoming strategic restructuring of the Corporation.
“Our current corporate strategy expires at the end of the year. We are developing a new one that better aligns with our risk-minimisation mandate,” he said.
Sunday also highlighted recent NDIC milestones, including the payment of ₦54.62 billion to 691,418 depositors of the defunct Heritage Bank, and the declaration of a 9.2 kobo per naira liquidation dividend to uninsured depositors—achieved within a year of the bank’s closure. He noted ongoing efforts to establish a target funding framework to further strengthen the safety net.
He commended the CBN for its continued support in collecting insurance premiums from financial institutions, reiterating NDIC’s readiness to partner closely with the apex bank in stabilising the financial ecosystem.
