Nigerian Deposit Insurance Corporation reaffirms pledge to robust financial backing for deposit protection

The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to bolstering its Deposit Insurance Funds (DIFs) to ensure the stability and resilience of the nation's financial system, with the Managing Director/Chief Executive, Mr. Thompson Oludare Sunday, emphasizing this during a visit to the Budget Office of the Federation in Abuja.

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Sunday met with the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, and explained that building robust Deposit Insurance Funds is crucial for the Corporation to effectively respond to potential systemic crises in the banking sector without relying on government intervention.

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The NDIC's strategy of prioritizing strong DIFs as a key component of its contingency planning and crisis preparedness framework has enabled the Corporation to respond swiftly to bank failures, as seen in the case of Aso Savings & Loans and Union Savings & Loans.

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Within 72 hours of the Central Bank of Nigeria revoking the operating licences of Aso Savings & Loans and Union Savings & Loans in December 2025, the NDIC commenced payments to depositors, demonstrating its capacity to respond effectively to such situations.

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The NDIC will continue to strengthen its collaboration with the Budget Office of the Federation and align its operations with the national budgetary framework to promote evidence-based planning and enhance its contributions to national economic growth and development.

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Mr. Sunday also expressed the NDIC's commitment to supporting the Federal Government's vision of building a $1 trillion economy by 2030, and assured that the Corporation would play a significant role in realizing this goal.

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In response, the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu, commended the NDIC for its transparent management of the Deposit Insurance Funds, and urged the Corporation to leverage technology-driven investment strategies to further strengthen the funds.

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Yakubu's recommendation aims to enhance the protection of depositors in the event of bank failures and sustain public confidence in the financial system, which is a key objective of the NDIC's Deposit Insurance Funds.