adsThe Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to strengthening its Deposit Insurance Funds (DIFs) as part of efforts to reinforce the stability and resilience of Nigeria’s financial system against potential banking sector crises.
Thompson Oludare Sunday, managing director and chief executive of the Corporation, disclosed this during a courtesy visit to Tanimu Yakubu, director-general of the Budget Office of the Federation, in Abuja, according to a statement signed by Hawwau Gambo, head, Communication & Public Affairs Department, NDIC.
Sunday said building strong Deposit Insurance Funds remains critical to enhancing the NDIC’s ability to respond effectively to systemic shocks in the banking sector without depending on government intervention.
According to him, while financial crises may be inevitable, the Corporation has consistently prioritised robust DIFs as a central component of its contingency planning and crisis preparedness framework.
He noted that the strategy enabled the NDIC to commence payments to depositors of Aso Savings & Loans and Union Savings & Loans within 72 hours of the Central Bank of Nigeria revoking the institutions’ operating licences in December 2025.adsads
