NDIC Pushes Collaboration with NIESV on Bank Asset Valuation

Oludare Sunday, NDIC Managing Director

The Nigeria Deposit Insurance Corporation (NDIC) has called for stronger collaboration with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to ensure accurate valuation of assets from failed banks, critical for depositor protection and financial stability.

NDIC Managing Director Oludare Sunday emphasised that precise valuations determine whether assets are sold at fair value, with proceeds used to pay depositors above insured amounts. He highlighted that NIESV’s professional input ensures transparency, fairness, and value for money in asset disposal.
Sunday also stressed the importance of ethical standards, urging NIESV to guard against insider abuse, while noting NDIC’s efforts to strengthen internal frameworks.

The Corporation is rolling out a comprehensive Asset Management Policy covering asset identification, valuation procedures, disposal strategies, and accountability in recoveries.
He advocated joint training programmes for NDIC staff and NIESV members on emerging valuation methods and sustainable asset management practices.

Responding, NIESV President Dr Victor Adekunle Alonge reaffirmed the Institution’s commitment to professionalism, integrity, and strict disciplinary measures to curb unethical practices among members.