The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has called on the Nigerian Institution of Estate Surveyors & Valuers (NIESV) to strengthen strategic collaboration with the corporation for accurate and credible valuation of assets of failed banks, which is critical to effective liquidation and payment of depositors.
The corporation’s boss made the call when the President/Chairman of Council of the NIESV, Dr. Victor Adekunle Alonge, and members of his executive team paid a courtesy visit to the NDIC Head Office, Abuja.
The NDIC Chief Executive explained that the corporation relied 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.
He further noted that proceeds from the sale of these assets were applied toward the payment of depositors’ balances above the insured amount, making accuracy and professionalism in valuation essential to protecting depositor funds.
Sunday emphasized that NIESV’s professionalism, therefore, had the potential of contributing directly to the nation’s 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 professional body to uphold the highest ethical standards and guard against insider abuse, the NDIC boss added that the corporation had been strengthening its internal processes, including the development of a comprehensive Asset Management Policy (AMP), to guide asset identification and documentation, valuation procedures, disposal strategies and transparency and accountability in recoveries.
The NDIC Chief Executive emphasized the need for stronger collaboration between both institutions, stressing 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.
In his remarks, the NIESV President/Chairman of Council reaffirmed the professional body’s commitment to professionalism and integrity.
He explained that NIESV was established by an Act of Parliament and had been maintaining strict disciplinary procedures to sanction any member found to be unethical or unprofessional.
Alonge 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.
Experts believe that the courtesy visit underscores 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.