The Nigeria Deposit Insurance Corporation has renewed its pledge to continuously strengthen its Deposit Insurance Funds as part of its effort to promote stability and resilience in the nation’s financial system.
NDIC Managing Director/CEO Thompson Oludare Sunday made the note during a courtesy visit to the Director-General of the Budget Office of the Federation, Tanimu Yakubu, in Abuja.
Sunday explained that building robust Deposit Insurance Funds is critical to enhancing the Corporation’s ability to respond effectively to potential systemic crises in the banking sector without depending on government intervention.
He acknowledged that financial crises may be unavoidable, but said NDIC has consistently prioritised strong DIFs as a key element of its contingency planning and crisis preparedness framework.
According to him, this strategic approach enabled the Corporation to begin payments to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours after the Central Bank of Nigeria revoked their operating licences in December 2025.
The NDIC boss said the Corporation would continue to strengthen institutional collaboration with the Budget Office of the Federation and align its operations with the national budgetary framework.
He added that NDIC remains committed to working closely with the Budget Office to promote evidence-based planning and boost its contributions to national economic growth and development.
Sunday also highlighted the importance of the Federal Government’s vision of building a one-trillion-dollar economy by 2030, assuring that NDIC would continue to play a significant role in achieving that goal.
In his remarks, Yakubu commended NDIC for its transparency in managing the Deposit Insurance Funds.
He urged the Corporation to leverage technology-driven investment strategies to further strengthen the funds for protecting depositors in the event of bank failures and to sustain public confidence in the financial system. He also encouraged NDIC to benchmark its investment instruments against global best practices adopted by other deposit insurance institutions to consolidate its funding framework.