By Oluwakemi Kindness
The Nigeria Deposit Insurance Corporation (NDIC) says it is intensifying efforts to strengthen its Deposit Insurance Funds (DIFs) as part of measures to safeguard Nigeria’s financial system and protect bank depositors.
The Managing Director and Chief Executive of the NDIC, Thompson Sunday, disclosed this during a courtesy visit to the Director-General of the Budget Office of the Federation, Tanimu Yakubu, in Abuja.
According to a statement on Monday in Abuja by the Hawwau Gambo Head, Communication & Public Affairs Department, NDIC, Sunday, explains that building strong deposit insurance buffers remains critical to ensuring the Corporation can respond effectively to banking sector crises without relying on government intervention.
According to him, while financial disruptions may be inevitable, the NDIC has prioritized robust funding of its insurance framework as part of its crisis preparedness strategy.
Sunday noted that this approach enabled the Corporation to commence payments to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours following the revocation of their licences by the Central Bank of Nigeria in December 2025.
He said the NDIC will continue to strengthen collaboration with the Budget Office of the Federation to align its operations with national fiscal planning and promote evidence-based decision-making.
The NDIC boss also reaffirmed the Corporation’s commitment to supporting Nigeria’s ambition of building a one-trillion-dollar economy by 2030, stressing that a stable financial system remains key to economic growth.
In his response, the Director-General of the Budget Office of the Federation, Tanimu Yakubu, commended the NDIC for its transparent management of the Deposit Insurance Funds.
He urged the Corporation to adopt technology-driven investment strategies and align its operations with global best practices to further strengthen depositor protection and sustain confidence in the financial system.
