The Nigeria Deposit Insurance Corporation (NDIC) has called for deeper collaboration with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to strengthen the valuation of assets from failed banks, a process it said is critical to protecting depositors and maintaining financial stability.
NDIC Managing Director and Chief Executive, Oludare Sunday, said accurate valuation determines whether assets from liquidated banks are sold at their true worth, which directly affects the repayment of depositor balances above the insured limit. He said professionalism and precision are essential to ensure transparency and fairness in asset disposal and recovery.
Sunday noted that NIESV’s technical expertise supports financial stability by ensuring value-for-money outcomes and preventing distortions during liquidation exercises. He urged the Institution to uphold strict ethical standards and guard against insider abuse, adding that NDIC is tightening its internal control frameworks.
The position was contained in a statement by the Head of Communication and Public Affairs Department, Hawwau Gambo, following a courtesy visit by NIESV President, Dr. Victor Adekunle Alonge, and members of the Institution’s executive council to the NDIC Headquarters in Abuja.
Sunday said NDIC is implementing a comprehensive Asset Management Policy covering asset identification, valuation procedures, disposal strategies and accountability requirements to improve liquidation outcomes. He emphasised the need for regular knowledge exchange and joint training programmes on emerging valuation methods and sustainable asset management.
Responding, Alonge restated NIESV’s commitment to accountability, integrity and professional excellence, noting that the Institution, established by an Act of Parliament, maintains strong disciplinary structures to address unethical conduct among valuers.
He assured that NIESV would continue to provide technical guidance to NDIC to deepen public confidence and enhance the efficiency of bank liquidation processes. Both institutions said the visit reflects a shared commitment to raising professional standards, strengthening cooperation and improving the management of failed bank assets across Nigeria’s financial system.
