Bank liquidation: Deposit Insurance Funds vital for Nigeria’s financial sector stability – NDIC DG

The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Sunday Thompson Sunday, emphasized that Deposit Insurance Funds (DIFs) are essential to maintaining stability in the country’s financial sector.

Sunday made the remarks in a statement released by NDIC spokesperson Hawwau Gambo following a visit to Abuja by the Director‑General of the Budget Office of the Federation, Mr. Tanimu Yakubu.

He explained that strengthening DIFs is vital for enhancing the NDIC’s ability to respond to potential systemic crises in the banking sector without depending on government intervention.

Sunday noted that while financial crises may be unavoidable, the NDIC has consistently prioritized robust DIFs as a core element of its contingency planning and crisis‑preparedness framework.

The NDIC chief also said the organization will continue to deepen institutional collaboration with the Budget Office of the Federation and align its operations with the national budgetary framework.

DAILY POST reports that Nigeria’s financial sector has seen the liquidation of several banks, including Aso Savings & Loan and Heritage Bank.