From Atiku Sarki, Abuja
The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Sunday, has called on the Nigeria Institution of Estate Surveyors and Valuers (NIESV) to strengthen collaboration for accurate valuation of failed banks’ assets, a move aimed at ensuring effective liquidation and timely payment to depositors.
Mr. Sunday emphasized the need for joint training and knowledge exchange between NDIC staff and NIESV professionals, particularly in emerging valuation methodologies, asset management, and sustainable valuation practices.
“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,” he said.
The call was made during a courtesy visit by the President and Chairman of the Council of NIESV, Dr. ESV Victor Adekunle Alonge, and members of his executive team to the NDIC Head Office in Abuja.
According to Mr. Sunday, NDIC relies heavily on NIESV professionals for precise and credible valuation of assets, which he said is critical for effective liquidation and depositor payouts.
He noted that the NIESV’s professionalism contributes directly to financial stability, depositor protection, and ensures transparency, fairness, and value-for-money in asset disposal and recovery processes.
“The Corporation relies on precise and credible valuation reports during the liquidation of failed banks to determine the true worth of assets and enable their sale at the best possible value.
“Proceeds from these sales are applied toward payment of depositors’ balances above the insured amount, making accuracy and professionalism in valuation essential to protecting depositor funds,” he added.
Mr. Sunday further urged the leadership of NIESV to uphold the highest ethical standards and guard against insider abuse, noting that NDIC is also strengthening its internal processes.
These include the development of a comprehensive Asset Management Policy to guide asset identification, documentation, valuation procedures, disposal strategies, transparency, and accountability in recoveries.
Responding, Dr. Alonge reaffirmed NIESV’s commitment to professionalism and integrity, assuring full technical support to NDIC.
“The Institution, established by an Act of Parliament, maintains strict disciplinary procedures and sanctions any member found to be unethical or unprofessional. We remain committed to enhancing service delivery and strengthening public confidence in the banking system,” he said.
He added, “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.”