The Nigeria Deposit Insurance Corporation (NDIC) is focused on shielding the Nigerian banking sector from potential systemic shocks by aggressively fortifying its Deposit Insurance Funds (DIFs) to ensure depositors are fully protected without relying on government bailouts.
According to the Corporation, conscious efforts will continuously be made to promote the stability and resilience of the nation’s financial system amid current global economic uncertainties.
Managing Director and Chief Executive of the Corporation, Mr. Thompson Oludare Sunday, who gave the assurance when the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, visited him in Abuja, said the need to build strong DIFs is critical to enhancing the Corporation’s capacity to respond effectively to potential systemic crises.
Mr Sunday, who acknowledged that economic storms are bound to happen within the financial system, highlighted how the NDIC keeps its financial safety nets heavily fortified to absorb sudden shocks.
He explained that this foresight paid off dramatically in December 2025 when the Central Bank of Nigeria (CBN) suddenly revoked the operating licences of Aso Savings & Loans and Union Savings & Loans, noting that the NDIC immediately sprang into action, mobilizing funds to put money back into the hands of anxious depositors within 72 hours.
The NDIC Chief Executive noted that while financial crises may be inevitable, the NDIC has consistently prioritised robust DIFs as a key component of its contingency planning and crisis preparedness framework.
A statement by the Head, Communication and Public Affairs Department, Hawwau Gambo further quoted the NDIC Boss as saying the Corporation would continue to strengthen institutional collaboration with the Budget Office of the Federation and align its operations with the national budgetary framework.
This is as he also affirmed NDIC’s commitment to working closely with the Budget Office to promote evidence-based planning and enhance its contributions to national economic growth and development.
While underscoring the importance of Federal Government’s vision of building a one-trillion-dollar economy by 2030, Mr Sunday said the NDIC would continue to play a significant role in supporting the realization of that goal.
Speaking on the resilience of the nation’s banking sector during the visit, Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, praised the NDIC for its openness and integrity in handling the Deposit Insurance Funds.
He said to truly protect depositors and maintain unwavering public trust in the financial system, the Corporation must adopt innovative, technology-driven investment methods, especially in the event of bank failures and to sustain public confidence in the financial system.
Additionally, Yakubu urged the NDIC to look beyond local frameworks and model its investment instruments after global best practices to solidify its financial standing
