The Nigeria Deposit Insurance Corporation (NDIC) has pledged to further strengthen its Deposit Insurance Funds (DIFs) as part of efforts to enhance the stability and resilience of Nigeria’s financial system.
The Managing Director and Chief Executive of the Corporation, Mr Thompson Oludare Sunday, made the commitment during a courtesy visit to the Director-General of the Budget Office of the Federation, Mr Tanimu Yakubu, in Abuja.
Mr Sunday said building stronger deposit insurance buffers remains central to the NDIC’s ability to respond swiftly to potential systemic shocks in the banking sector without dependence on government intervention.
The Corporation disclosed in a statement on Monday, signed by the Head of the Communication and Public Affairs Department, Hawwau Gambo, that while financial crises may be unavoidable, it continues to prioritise strong Deposit Insurance Funds as a core part of its contingency planning and crisis preparedness strategy.
According to him, this approach enabled the NDIC to begin payments to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours after the Central Bank of Nigeria revoked their operating licences in December 2025.
Mr Sunday also stated that the Corporation would deepen institutional collaboration with the Budget Office of the Federation to ensure stronger alignment with national budgetary processes.
He added that the NDIC remains committed to evidence-based planning and to strengthening its contribution to Nigeria’s broader economic growth and development agenda.
He further emphasised the Federal Government’s ambition of building a one-trillion-dollar economy by 2030, assuring that the NDIC would continue to play a key role in supporting that objective.
In his response, the Director-General of the Budget Office of the Federation, Mr Tanimu Yakubu, commended the NDIC for its transparency and prudent management of the Deposit Insurance Funds.
He urged the Corporation to adopt more technology-driven investment strategies to strengthen the funds, safeguard depositors in the event of bank failures, and sustain public confidence in the financial system.
Mr Yakubu also encouraged the NDIC to benchmark its investment framework against global best practices used by leading deposit insurance institutions in order to further reinforce its funding structure.
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