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CBN and NDIC Strengthen Collaboration: Aim to safeguard Nigeria’s financial system amidst economic challenges
By prince Benson Davies
The Nigeria Deposit Insurance Corporation (NDIC) management, led by Managing Director/Chief Executive Mr. Thompson O. Sunday, paid a courtesy visit to the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, at the CBN Headquarters in Abuja. During the visit, Governor Cardoso congratulated the new NDIC management on their appointments and expressed optimism about deepening collaboration between the two institutions.
Governor Cardoso emphasized the importance of working together to navigate uncertain times in the financial sector.
Mr. Sunday reiterated the NDIC’s willingness to collaborate with the CBN to enhance financial system stability
Recent NDIC Milestones: Payment of N54.62 billion to 691,418 depositors of the defunct Heritage Bank and declaration of a liquidation dividend of 9.2 kobo per Naira to uninsured depositors.
NDIC faces challenges like lack of a unique identifier for corporate customers and difficulty collecting premiums from institutions not maintaining CBN accounts.
NDIC proposed developing a joint crisis preparedness framework with the CBN, which could be handled under the Financial Services Regulation Coordinating Committee (FSRCC).
