The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has called on the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to deepen its strategic collaboration with the Corporation. He emphasized that NDIC relies heavily on NIESV members for accurate and credible valuation of assets of failed banks—an essential requirement for effective liquidation and prompt reimbursement of depositors.
Mr. Sunday made this appeal during a courtesy visit by the President and Chairman of Council of NIESV, Dr. ESV Victor Adekunle Alonge, alongside members of his executive team, to the NDIC Head Office in Abuja.
The NDIC Chief Executive explained that precise and reliable valuation reports are crucial in determining the true worth of the assets of failed banks, enabling their disposal at the best possible value. He noted that the proceeds realized from asset sales are used to pay depositors whose balances exceed the insured limit, making accuracy and professionalism in valuation critical to protecting depositor funds.
He stressed that NIESV’s expertise contributes directly to financial system stability by ensuring transparency, fairness, and value-for-money in the disposal and recovery process. While urging the Institution to uphold the highest ethical standards and prevent insider abuses, he added that NDIC is enhancing its internal frameworks, including the development of a comprehensive Asset Management Policy to guide asset identification, documentation, valuation, disposal, accountability, and overall recovery processes.
Mr. Sunday also highlighted the need for deeper collaboration between both institutions, expressing NDIC’s willingness to explore joint training programmes and knowledge-sharing initiatives in emerging valuation methodologies, asset management techniques, and sustainable valuation practices.
In his remarks, the President/Chairman of Council of NIESV, Dr. Victor Adekunle Alonge, reaffirmed the Institution’s commitment to professionalism and integrity. He noted that NIESV, established by an Act of Parliament, enforces strict disciplinary measures for any member found engaging in unethical or unprofessional conduct. He reiterated the Institution’s dedication to sustained cooperation and technical support to NDIC, noting…
