The Nigeria Deposit Insurance Corporation (NDIC) has pledged to deepen collaboration with the Central Bank of Nigeria (CBN) to enhance corporate governance, risk management, and depositor protection across licensed financial institutions.
The commitment was articulated on Monday during the NDIC’s Stakeholders Town Hall Meeting held in Kano, where senior officials outlined plans to tighten oversight and promote public confidence in the nation’s financial system.
Delivering the keynote address, Emily Osuji, the Executive Director of Corporate Services at NDIC, emphasised the importance of inter-agency cooperation, noting that stronger ties between the two regulatory bodies are critical to safeguarding the banking sector against emerging risks and ensuring sound governance practices.
“While the CBN and the NDIC continue to strengthen oversight, depositors also have a responsibility to remain vigilant and well-informed. Prudential regulation and supervision of licensed institutions is central to achieving stability in our financial system,” Osuji said, stressing that this dual approach is key to a resilient banking environment.
Osuji highlighted the value of stakeholder contributions in shaping policies that improve consumer protection, saying such engagements provide vital insights into the rights and responsibilities of the banking public.
“Together, we can ensure that the Nigerian banking system continues to serve as a safe and reliable channel for savings, investment, and economic growth,” she added.
To reinforce depositor safety, she also reminded bank customers of the importance of linking their Bank Verification Numbers (BVNs) with account records, explaining that this linkage enables swift access to insured deposits in the event of a bank failure.
“Our strapline, ‘Protecting your bank deposits!’ is more than mere words. It reflects our firm commitment to ensuring depositors can access their hard-earned savings should a bank fail,” Osuji said.
The Kano town hall, themed “Strengthening Depositor Confidence: NDIC’s Role in Financial System Stability and Consumer Protection,” was also marked by remarks from Ahmad Umar, Controller of the NDIC Kano Zonal Office, who underscored the corporation’s dedication to safeguarding depositor funds and reinforcing trust across the financial sector.
According to Hawwau Gambo, Head of Communications and Public Affairs at NDIC, the programme drew participation from a broad spectrum of stakeholders, including trade associations, professional bodies, civil society organisations, student groups, financial institutions, and relevant government agencies.
The renewed focus on collaboration resonates with recent initiatives where NDIC and CBN executives have discussed joint frameworks to enhance crisis preparedness and regulatory coordination, efforts aimed at bolstering the financial safety net and protecting Nigeria’s depositors against systemic shocks.
