By Gloria Attah
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to strengthening Deposit Insurance Funds (DIFs) to enhance the stability and resilience of Nigeria’s financial system.
Managing Director and Chief Executive of the Corporation, Thompson Oludare Sunday, stated this during a courtesy visit to the Director-General of the Budget Office of the Federation, Tanimu Yakubu, in Abuja.
According to Mr. Sunday, building strong DIFs remains critical to improving the Corporation’s ability to respond effectively to potential crises in the banking sector without depending on government intervention.
He explained that although financial crises may be unavoidable, the NDIC has consistently prioritised robust insurance funds as part of its contingency planning and crisis preparedness strategy.
The NDIC boss noted that the Corporation’s preparedness enabled it to commence payments to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours after the revocation of their operating licences by the Central Bank of Nigeria in December 2025.
Mr. Sunday also stressed the need for stronger institutional collaboration with the Budget Office of the Federation, adding that the Corporation would continue aligning its operations with the national budgetary framework to promote evidence-based planning and support economic growth.
He further reiterated the Corporation’s commitment to supporting the Federal Government’s target of building a one-trillion-dollar economy by 2030.
In his remarks, Tanimu Yakubu commended the NDIC for its transparency in managing the Deposit Insurance Funds and urged the Corporation to adopt technology-driven investment strategies to further strengthen the funds and sustain public confidence in the financial system.
He also encouraged the NDIC to benchmark its investment instruments against global best practices adopted by other deposit insurance institutions.
