The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Thompson Sunday, has emphasized the need for stronger cooperation with the Chartered Institute of Bankers of Nigeria (CIBN) to address emerging challenges within the nation’s financial sector.
During a courtesy visit to the NDIC headquarters in Abuja by CIBN President, Prof. Pius Olanrewaju, and his executive council, Sunday highlighted the necessity of collective action in tackling key issues such as digital banking risks, cybersecurity threats, fraud prevention, and enhanced risk management frameworks.
He explained that as innovation continues to reshape Nigeria’s banking landscape, regulators and banking professionals must work collaboratively to design solutions that safeguard systemic stability. Sunday also encouraged CIBN to take a more active role in developing modern failure resolution mechanisms to reinforce the resilience of financial institutions.
Reiterating NDIC’s dedication to strategic partnerships, Sunday commended CIBN for its contributions to maintaining high professional and ethical standards within the banking sector. He emphasized that a strengthened alliance between both organizations is essential to building a secure, adaptable financial system capable of supporting sustainable economic growth.
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In his remarks, Prof. Olanrewaju congratulated Sunday on his appointment and expressed confidence in his leadership direction. He praised NDIC for its recent achievements, including the upward revision of deposit insurance coverage, efficient reimbursement of depositors from the defunct Heritage Bank, and the timely commencement of liquidation dividend payments—all of which, he noted, have reinforced public confidence in the financial system.
Olanrewaju further acknowledged NDIC’s active participation in the CIBN Governing Council, particularly in advancing ethical leadership, governance reforms, and policy development across the industry.
The meeting underscored a shared vision between NDIC and CIBN to protect depositor funds, foster innovation, and sustain trust and stability within Nigeria’s evolving banking ecosystem.
