The Nigeria Deposit Insurance Corporation (NDIC) has made a case for deeper collaboration with the Nigerian Institution of Estate Surveyors and Valuers to ensure more accurate valuation of assets belonging to failed banks.
The NDIC said this is critical for effective liquidation and payment of depositors.
According to a press statement issued by its Head of Communication and Public Affairs, Hawwau Gambo, the Managing Director and Chief Executive of the Corporation, Thompson Sunday, made the call during a courtesy visit by the President and Chairman of Council of NIESV, Dr Victor Alonge, and members of his executive team to the NDIC headquarters in Abuja.
Sunday further said the corporation relies on precise and credible valuation of assets during the liquidation of failed banks, explaining that accurate reports help determine the true worth of assets and support their sale at the best possible value.
He noted that proceeds from the disposal of such assets are used to pay depositors with balances above the insured amount, making professionalism in valuation essential for protecting depositor funds.
The managing director said NIESV’s professionalism contributes directly to financial stability and depositor protection by ensuring transparency, fairness, and value-for-money in the disposal of assets and the recovery process.
He urged the Institution to uphold the highest ethical standards and guard against insider abuse. He added that the corporation is strengthening its internal processes, including the development of a comprehensive Asset Management Policy to guide asset identification and documentation, valuation procedures, disposal strategies, and accountability in recoveries.
Sunday further emphasised the need for stronger collaboration between both organisations, noting that the corporation welcomes joint training and knowledge exchange on emerging valuation methodologies, asset management, and sustainable valuation practices.
Alonge, in his remarks, reaffirmed the NIESV’s commitment to professionalism and integrity. He said the Institution, established by an Act of Parliament, maintains strict disciplinary procedures to sanction members found to be unethical or unprofessional.
He assured the NDIC of sustained cooperation and technical support, describing the partnership as vital to enhancing service delivery and strengthening public confidence in the banking system.
