From Atiku Sarki, Abuja
The Nigeria Deposit Insurance Corporation (NDIC) has called on stakeholders in the financial services industry, policymakers, and the general public to provide feedback on the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance Systems.
In a statement issued on Wednesday in Abuja, the Head of Communication and Public Affairs of the Corporation, Hawwau Gambo, said the proposed revision—launched by IADI in May 2025—represents a major step toward strengthening the resilience and relevance of deposit insurance frameworks in response to the rapidly evolving global financial landscape.
According to the statement, the revision aims to comprehensively address key structural developments, such as digital innovation, the expanding role of deposit insurers in bank resolution, and critical lessons from the banking turmoil of March 2023, described as the most significant systemic stress event since the 2007–2009 global financial crisis.
Gambo noted that the IADI Core Principles are widely used by jurisdictions, including Nigeria, as benchmarks for evaluating the quality of their deposit insurance systems and identifying gaps and areas for improvement.
The principles also serve as assessment tools for international financial institutions such as the International Monetary Fund (IMF) and the World Bank under the Financial Sector Assessment Programme (FSAP).
She recalled that the first set of Core Principles was jointly issued by IADI and the Basel Committee on Banking Supervision (BCBS) in June 2009. Since then, the document has undergone periodic reviews to reflect global financial trends and developments.
“As a founding and committed member of IADI, the NDIC recognizes the importance of this ongoing revision,” Gambo stated. “We hereby invite stakeholders and members of the public to actively participate in the process by reviewing the draft document available at: https://ndic.gov.ng/wp-content/uploads/2025/06/Draft-Revised-IADI-Core-Principles.pdf.”
She urged that all feedback be submitted to the Corporation in PDF format via email to iadi@ndic.gov.ng on or before 30th June 2025.