NDIC seeks NIESV’s collaboration to protect bank depositors

The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Thompson Sunday, has called on the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to deepen collaboration with the Corporation to safeguard bank depositors.

The NDIC boss, who stressed the importance of accurate asset valuation in bank liquidation and depositor protection, during a courtesy visit by the President of NIESV, Dr Victor Adekunle Alonge, and his executive team in Abuja, said credible valuation reports are essential to determining the true worth of assets from failed banks. Proceeds from asset sales, he explained, are used to pay depositors’ balances above the insured limits.

“Professionalism by NIESV members directly supports financial stability and depositor protection, ensuring transparency, fairness, and value-for-money in asset recovery,” Sunday noted.
He further urged the institution to maintain the highest ethical standards and highlighted NDIC’s internal reforms, including the development of a comprehensive Asset Management Policy to improve transparency and accountability in asset recovery.

Alonge reaffirmed NIESV’s commitment to professionalism and integrity, noting that the Institution enforces strict disciplinary measures against unethical conduct. He pledged continued technical support and cooperation with NDIC to strengthen the bank liquidation process and enhance public confidence in Nigeria’s financial system.

A statement by the Head, Communication and Public Affairs Department of the NDIC, Hawwau Gambo, explained that the visit marked a renewed commitment by both institutions to enhance collaboration, raise professional standards and ensure effective protection of depositors across the country.

Source: https://guardian.ng/business-services/ndic-seeks-niesvs-collaboration-to-protect-bank-depositors/