The Nigeria Deposit Insurance Corporation (NDIC) has urged the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to deepen its strategic collaboration with the Corporation, stressing that the NDIC relies heavily on NIESV professionals for accurate and credible valuation of assets belonging to failed banks.
According to the Corporation, such valuations are essential to ensuring efficient liquidation processes and safeguarding timely payment to depositors.
Thompson Oludare Sunday, managing director/CEO, made the call during a courtesy visit by the President/Chairman of Council of the NIESV, Victor Adekunle Alonge, and members of his executive team to the NDIC head Office, Abuja.
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In a statement signed by Hawwau Gambo, head, Communication & Public Affairs Department, the NDIC Chief Executive explained that the Corporation relies on precise and credible valuation reports during the liquidation of failed banks to determine the true worth of assets, which enables their sale at the best possible value.
Sunday further noted that proceeds from the sale of these assets are applied toward the payment of depositors’ balances above the insured amount, making accuracy and professionalism in valuation essential to protecting depositor funds. He emphasised that NIESV’s professionalism therefore contributes directly to financial stability and depositor protection by ensuring transparency, fairness, and value-for-money in the disposal of assets and the recovery process.
While calling on the leadership of the Institution to uphold the highest ethical standards and guard against insider abuse, the NDIC Chief Executive added that the Corporation is further strengthening its internal processes, including the development of a comprehensive Asset Management Policy to guide asset identification and documentation, valuation procedures, disposal strategies and transparency and accountability in recoveries.
The NDIC Chief Executive emphasised the need for stronger collaboration between both institutions, noting that the Corporation welcomes opportunities for joint training and knowledge exchange between NDIC staff and NIESV professionals, particularly in emerging valuation methodologies, asset management, and sustainable valuation practices.
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President/Chairman of Council of the NIESV, Victor Adekunle Alonge, reaffirmed the Institution’s commitment to professionalism and integrity. He explained that NIESV was established by an Act of Parliament and maintains strict disciplinary procedures to sanction any member found to be unethical or unprofessional. He reaffirmed the Institution’s commitment to sustained cooperation and technical support to the NDIC, noting that the partnership remains vital to enhancing service delivery and strengthening public confidence in the banking system.
The courtesy visit underscored the shared commitment of both institutions to deepen collaboration, enhance professional standards, and strengthen the bank liquidation process in Nigeria for the overall stability of the financial system.