The Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), Thompson Oludare Sunday, has emphasised the need for deeper collaboration with the Chartered Institute of Bankers ofNigeria (CIBN) to address emerging risks and challenges in the country’s banking sector.
Sunday made the call on Thursday during a courtesy visit by Professor Pius Deji Olanrewaju, president and chairman of the CIBN Council, and members of his executive team to the NDIC headquarters in Abuja.
The NDIC chief highlighted the importance of stronger synergy between both institutions, particularly in areas such as digital banking, cybersecurity, fraud and forgery prevention, and sound risk management practices.
“As the banking landscape evolves amid technological innovation and digital transformation, regulators and operators must work together to mitigate new risks and safeguard financial stability,” Sunday said. “Emerging challenges are on the rise, and collaborative solutions are key to building a resilient financial ecosystem that delivers value to the economy.”
While commending CIBN for its contribution to professionalism in the banking sector, Sunday encouraged the institute to intensify collaboration with regulatory bodies to develop innovative failure resolution strategies aimed at enhancing the resilience of Nigeria’s financial system. He reaffirmed NDIC’s commitment to supporting professional institutions like the CIBN in designing programmes that promote innovation without compromising risk management and financial stability.
In response, Professor Olanrewaju congratulated Sunday on his appointment as NDIC Managing Director, expressing confidence in his ability to sustain public trust in the Corporation. He lauded NDIC’s recent achievements, including the upward review of deposit insurance coverage, the rapid reimbursement of depositors of the defunct Heritage Bank, and the commencement of liquidation dividend payments within a year of the bank’s closure.
“These milestones have significantly strengthened depositor and investor confidence in Nigeria’s financial system, reinforcing NDIC’s reputation as a key pillar of banking stability,” he said.
Professor Olanrewaju also praised NDIC’s contributions as a member of CIBN’s Governing Council, noting that the Corporation’s involvement has enhanced oversight, policy direction, and ethical leadership.
Both institutions reaffirmed their commitment to continuous engagement and knowledge sharing to improve professionalism, regulatory effectiveness, and overall confidence in Nigeria’s financial system.
