The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its full compliance with fiscal and financial regulations, including the Fiscal Responsibility Act (FRA) 2007, as part of efforts to strengthen depositor protection and maintain confidence in the banking system.
The Managing Director/Chief Executive of NDIC, Thompson Oludare Sunday, stated this during a courtesy visit to the Managing Director/Chief Executive of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, following his assumption of office in July 2025.
NDIC boss said the Corporation consistently meets its statutory remittance obligations to the Federal Government, including the applicable share of gross earnings or net surplus, and submits its financial statements within required timelines. He stressed that financial discipline, accountability and transparency remain central to NDIC’s role within Nigeria’s financial safety net.
He noted that while NDIC complies with the Federal Government’s 50 per cent cost-to-income ratio policy, the requirement limits the Corporation’s ability to build a strong Deposit Insurance Fund needed to effectively respond to bank failures. He added that international best practices require deposit insurers to maintain adequate funds to reimburse depositors without reliance on government support, hence NDIC’s push for an exemption to strengthen its capacity.
Sunday described MOFI as a key stakeholder, given the Federal Government’s 40 per cent equity stake in NDIC, and emphasised the importance of sustained collaboration to balance regulatory compliance with effective depositor protection.
In his response, Dr. Takang commended NDIC’s adherence to fiscal regulations and assured continued engagement with the Federal Ministry of Finance to support the Corporation’s mandate. He noted that a strong NDIC is critical to sustaining confidence in Nigeria’s financial system.
Both organisations reaffirmed their commitment to cooperation, transparency and accountability in support of financial system stability.
