NDIC, NIESV Pledge Stronger Collaboration on Failed Bank Asset Valuation
The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Thompson Oludare Sunday, has called for a strengthened partnership with the Nigerian Institution of Estate Surveyors & Valuers (NIESV) to ensure accurate valuation of assets of failed banks a critical step in protecting depositors and safeguarding financial stability.
Sunday made the call during a courtesy visit by the President and Chairman of Council of NIESV, Dr. ESV Victor Adekunle Alonge, and members of his executive team to the NDIC headquarters in Abuja.
“The Corporation relies on precise and credible valuation reports during the liquidation of failed banks to determine the true worth of assets. This enables us to sell them at the best possible value, with proceeds applied toward the payment of depositors’ balances above the insured amount,” Mr. Sunday explained. “Accuracy and professionalism in valuation are therefore essential to protecting depositor funds and maintaining financial stability.”
He urged NIESV’s leadership to uphold the highest ethical standards and guard against insider abuse. Mr. Sunday also noted that the NDIC is strengthening its internal processes, including the development of a comprehensive Asset Management Policy to guide asset identification, documentation, valuation, disposal strategies, and accountability in recoveries.
Highlighting the benefits of deeper collaboration, he emphasized opportunities for joint training and knowledge exchange between NDIC staff and NIESV professionals, particularly in emerging valuation methodologies, asset management, and sustainable valuation practices.
In response, Dr. Alonge reaffirmed NIESV’s commitment to professionalism and integrity, noting that the Institution established by an Act of Parliament maintains strict disciplinary procedures against unethical members. He stressed that sustained cooperation and technical support for NDIC are vital for enhancing service delivery and strengthening public confidence in Nigeria’s banking system.
The visit underscored a shared commitment by both institutions to enhance professional standards, deepen collaboration, and improve the bank liquidation process, ultimately reinforcing the stability of Nigeria’s financial system.
