The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Thompson Sunday, has urged members of the Nigerian Institution of Estate Surveyors & Valuers (NIESV) to maintain accuracy and professionalism in valuing assets of failed banks.
In a press statement signed by its spokesperson, Hawwau Gambo, the NDIC said it relies on these valuations to effectively liquidate assets and pay depositors.
Mr Sunday made the call during a courtesy visit by the President and Chairperson of the NIESV Council, Victor Alonge, and his executive team to the NDIC Head Office in Abuja.
He emphasised that precise valuation reports are essential for determining the true worth of assets, ensuring they are sold at the best possible value. Proceeds from these sales are used to pay depositors’ balances above the insured amount.
He said accuracy and professionalism in valuation are essential to protecting depositor funds, highlighting that NIESV’s work directly contributes to financial stability and depositor protection by promoting transparency, fairness, and value-for-money in asset disposal and recovery.
He also called on the institution’s leadership to uphold high ethical standards and guard against insider abuse, noting that the NDIC is strengthening internal processes through the development of a comprehensive Asset Management Policy.
The policy will guide asset identification, valuation procedures, disposal strategies, and accountability in recoveries.
Mr Sunday further encouraged closer collaboration between NDIC staff and NIESV professionals through joint training and knowledge exchange, particularly on emerging valuation methodologies, asset management, and sustainable valuation practices.
Mr Alonge reaffirmed NIESV’s commitment to professionalism and integrity, noting that the Institution enforces strict disciplinary measures for unethical behaviour.
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He expressed the Institution’s readiness to provide sustained technical support to the NDIC, underscoring the partnership’s importance in enhancing service delivery and public confidence in Nigeria’s banking system.
The NDIC plays a key role in maintaining stability in Nigeria’s banking sector by insuring deposits, managing failed banks, and protecting depositors’ funds.
Correctly valuing assets during bank liquidation helps ensure depositors get their money and creditors recover more.
Estate surveyors and valuers are central to this process, as their assessments determine the sale price of assets and impact the efficiency of bank resolutions.
