The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have reaffirmed their shared commitment to strengthening financial system stability amidst ongoing economic challenges.
This was the key highlight of a strategic engagement at the CBN Headquarters in Abuja, where the newly appointed NDIC Management, led by Managing Director/Chief Executive Mr. Thompson O. Sunday, paid a courtesy visit to the CBN Governor, Mr. Olayemi Cardoso.
Governor Cardoso congratulated the NDIC Managing Director and Executive Director (Operations), Dr. Kabir Katata, on their appointments, expressing optimism that the renewed leadership would deepen institutional collaboration. “Our meeting today is a clear testament to our willingness to work together. The CBN counts on NDIC’s support in navigating the uncertain times that we are in,” Mr. Cardoso stated.
He emphasised that the evolving financial landscape demands closer cooperation between the two institutions, especially in proactively mitigating risks and sustaining depositor confidence. Reflecting on lessons from his two years in office, the governor noted the importance of modern tools and forward-looking strategies to strengthen the financial system.
In his remarks, NDIC MD/CE Mr. Thompson O. Sunday commended the CBN’s recent reform efforts, particularly the stabilisation of the forex market and the ongoing recapitalisation of Deposit Money Banks. He reaffirmed the NDIC’s commitment to aligning its operations with the amended NDIC Act 2023 and announced that the corporation is undergoing a strategic restructuring, with a new corporate strategy underway to replace the current plan expiring at year-end.
Mr. Sunday highlighted the NDIC’s recent 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 within a year of the bank’s closure. He also noted the development of a target funding framework as a key step toward greater financial resilience.
The NDIC Chief raised key operational challenges, such as the lack of a unique identifier like the Bank Verification Number (BVN) for corporate customers and difficulties collecting premiums from insured institutions without CBN accounts. He expressed the corporation’s readiness to work with the CBN in addressing these gaps.
Mr. Sunday further called for a joint crisis preparedness framework with the CBN to improve financial crisis management.
In response, Mrs. Rita Sike, Director of the Financial Policy and Regulation Department at the CBN, welcomed the idea and noted it could be developed under the Financial Services Regulation Coordinating Committee (FSRCC). She added that the CBN is enhancing its Credit Risk Management System (CRMS) to integrate the Global Standing Instruction (GSI), enabling the inclusion of Other Financial Institutions (OFIs).
The NDIC delegation included Dr. Kabir Katata, Executive Director, Operations; Mr. Yakubu Shehu, Director, Human Resources; Mr. Olufemi Kushimo, Director, Legal Department; Mrs. Regina Dimlong, Assistant Director, Communications & Public Affairs.
The CBN team included Mrs. Rita Sike, Director, Financial Policy and Regulation Department, Mr. Nnadi Maduka, Corporate Communications Department, and Mrs. Salamatu Jubril-Adeniji, Compliance Department.