BY JOKE AJIBADE —The Nigeria Deposit Insurance Corporation (NDIC) has urged the Nigerian Institution of Estate Surveyors & Valuers (NIESV) to deepen strategic collaboration to ensure accurate and credible valuation of assets belonging to failed banks—an essential component in effective liquidation and prompt payment to depositors.
NDIC Managing Director, Mr. Thompson Oludare Sunday, made the appeal during a courtesy visit by the President and Chairman of Council of NIESV, Dr. Victor Adekunle Alonge, alongside members of his executive team.
He emphasized that the Corporation relies heavily on precise and dependable valuation reports during bank liquidation processes to ascertain the true value of assets and ensure they are sold at the most competitive prices.
He however noted that proceeds from the sale of these assets are applied toward the payment of depositors’ balances above the insured amount, making accuracy and professionalism in valuation essential to protecting depositor funds.
He emphasized that NIESV’s professionalism therefore 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.
While calling on the leadership of the Institution to uphold the highest ethical standards and guard against insider abuse, the NDIC Chief Executive added that the Corporation is further strengthening its internal processes, including the development of a comprehensive Asset Management Policy to guide asset identification and documentation, valuation procedures, disposal strategies and transparency and accountability in recoveries.
The NDIC Chief Executive emphasized the need for stronger collaboration between both institutions, noting that 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.
President/Chairman of Council of the NIESV, Dr. ESV. Victor Adekunle Alonge reaffirmed the Institution’s commitment to professionalism and integrity. He explained that NIESV was established by an Act of Parliament and maintains strict disciplinary procedures to sanction any member found to be unethical or unprofessional.
He reaffirmed the Institution’s commitment to sustained cooperation and technical support to the NDIC, noting that the partnership remains vital to enhancing service delivery and strengthening public confidence in the banking system.
