The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have reaffirmed their commitment to deepening collaboration to ensure the stability of Nigeria’s financial system amid growing economic challenges.
CBN Governor, Mr. Olayemi Cardoso, gave the assurance on Tuesday during a courtesy visit by the newly appointed NDIC management team, led by Managing Director/Chief Executive, Mr. Thompson O. Sunday, at the CBN headquarters in Abuja.
Cardoso congratulated the new NDIC leadership and emphasised the importance of strong inter-agency coordination in navigating the nation’s financial landscape. “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,” he stated.
He noted that his two years in office have underscored the need for proactive risk management and the adoption of modern tools to safeguard financial stability. Cardoso urged continued synergy between the two institutions to maintain depositor confidence and contain systemic shocks.
In his remarks, NDIC boss Thompson Sunday commended the CBN’s recent reform efforts, including the stabilisation of the foreign exchange market and the ongoing recapitalisation of Deposit Money Banks. He said the NDIC is undergoing strategic restructuring and will unveil a new corporate strategy by year-end.
Sunday also highlighted recent milestones achieved by the Corporation, including the payment of ₦54.62 billion to 691,418 depositors of the defunct Heritage Bank and the declaration of a liquidation dividend of 9.2 kobo per naira to uninsured depositors within one year of the bank’s closure.
He acknowledged ongoing challenges such as the lack of a unique identifier like the Bank Verification Number (BVN) for corporate customers and the difficulty in collecting premiums from institutions that do not bank with the CBN. He called for the development of a joint crisis preparedness framework between the two bodies.
In response, Mrs. Rita Sike, Director of Financial Policy and Regulation at the CBN, said the proposed joint crisis framework could be addressed under the Financial Services Regulation Coordinating Committee (FSRCC). She also revealed ongoing enhancements to the Credit Risk Management System (CRMS), which will soon integrate the Global Standing Instruction (GSI) to accommodate Other Financial Institutions (OFIs).
The NDIC delegation included Executive Director Operations Dr. Kabir Katata; Director of Human Resources, Mr. Yakubu Shehu; Director of Legal, Mr. Olufemi Kushimo; and Assistant Director, Communications & Public Affairs, Mrs. Regina Dimlong. The CBN team also included representatives from Corporate Communications and Compliance departments.
