The Nigeria Deposit Insurance Corporation Nigeria Deposit Insurance Corporation has reiterated its commitment to continuously strengthen its Deposit Insurance Funds (DIFs) as part of broader efforts to reinforce the stability and resilience of Nigeria’s financial system.
The Managing Director/Chief Executive of the Corporation, Thompson Oludare Sunday, disclosed this during a courtesy visit to the Director-General of the Budget Office of the Federation, Tanimu Yakubu, in Abuja.
Sunday said the continuous deepening of the Deposit Insurance Funds remains central to the NDIC’s mandate of safeguarding depositors and ensuring that the financial system can withstand shocks without excessive dependence on government intervention.
According to him, while financial sector disruptions may be inevitable in any economy, the Corporation has prioritised a strong and well-funded insurance framework as a critical pillar of its contingency planning and crisis preparedness strategy.
He noted that this approach recently demonstrated effectiveness when the Corporation commenced payment to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours following the revocation of their operating licences by the Central Bank of Nigeria in December 2025.
The NDIC boss added that the Corporation would continue to deepen institutional collaboration with the Budget Office of the Federation and align its operations with the national budgetary framework to improve efficiency, transparency, and long-term financial planning.
He also reaffirmed NDIC’s commitment to supporting the Federal Government’s ambition of building a one-trillion-dollar economy by 2030, stressing that a stable and resilient financial system remains critical to achieving sustainable economic growth.
In his response, Yakubu commended the NDIC for what he described as prudent and transparent management of the Deposit Insurance Funds.
He urged the Corporation to adopt more technology-driven investment strategies to further strengthen the funds and enhance protection for depositors in the event of bank failures.
The Budget Office DG also encouraged the NDIC to benchmark its investment practices against global standards used by leading deposit insurance institutions, noting that such alignment would further consolidate public confidence in the banking system.
The visit underscored ongoing inter-agency collaboration aimed at strengthening Nigeria’s financial safety nets and improving macroeconomic stability.
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