BY COBHAM NSA – The Nigerian Deposit Insurance Corporation (NDIC) says strategic collaboration with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) will help produce accurate and credible valuations of failed banks’ assets.
Managing Director and Chief Executive of the NDIC, Mr Thompson Oludare Sunday, stated this during a courtesy visit by the President and Council Chairman of the NIESV, Dr Victor Adekunle Alonge, and members of the executive team in Abuja.
He said the Corporation relies on precise and credible valuation reports during the liquidation of failed banks to determine the true worth of assets, which enables their sale at the best possible value
A statement by the Head, Communication and Public Affairs Department, NDIC, Hawwau Gambo, quoted Mr Sunday as saying that with proceeds from the sale of these assets deployed towards the payment of depositors’ balances above the insured amount, accuracy and professionalism in valuation become essential factors in protecting depositor funds.
According to him, NIESV’s professionalism therefore contributes directly to financial stability and depositors’ protection by ensuring transparency, fairness, and value-for-money in the disposal of assets and the recovery process.
The NDIC Chief Executive, who urged the Institution’s leadership to uphold the highest ethical standards and guard against insider abuse, said the Corporation will continuously strengthen its internal processes, including the development of a comprehensive Asset Management Policy to guide asset identification and documentation, valuation procedures, disposal strategies and transparency and accountability in recoveries.
Also stressing the need for a stronger partnership between both institutions, Mr Sunday said NDIC welcomes opportunities for joint training and knowledge exchange between its staff and NIESV professionals, particularly in emerging valuation methodologies, asset management, and sustainable valuation practices.
Speaking earlier, NIESV’s President and Chairman of Council, Dr ESV. Victor Adekunle Alonge reaffirmed the Institution’s commitment to professionalism and integrity.
He said the NIESV, established by an Act of Parliament, maintains strict disciplinary procedures to sanction any member found to be unethical or unprofessional.
While reaffirming the Institution’s commitment to sustained cooperation and technical support to the NDIC, Dr Alonge said a robust partnership remains vital to enhancing service delivery and strengthening public confidence in the banking system.
The NDIC statement explained that the courtesy visit underscores the shared commitment of both institutions to deepen collaboration, enhance professional standards, and strengthen the bank liquidation process in Nigeria for the overall stability of the financial system.
Founded in 1969 by a few qualified General Practice Chartered Surveyors who were mostly trained in the United Kingdom, the NIESV was recognised by the Federal government by the enactment of the Estate Surveyors and Valuers (Registration Act)” Decree No. 24 of 1975.
