The Nigeria Deposit Insurance Corporation (NDIC) has called on the Nigerian Institution of Estate Surveyors & Valuers (NIESV) to strengthen collaboration, emphasizing the critical role of accurate asset valuation in protecting depositors’ funds during bank liquidations.

Speaking during a courtesy visit by NIESV President Dr. Victor Adekunle Alonge and his executive team in Abuja, NDIC CEO Thompson Sunday highlighted that precise and credible valuations are essential for determining the true worth of assets from failed banks, enabling their sale at the best possible value.

“Proceeds from the sale of these assets are used to pay depositors’ balances above the insured amount,” he said. “Accuracy and professionalism in valuation are therefore vital to protecting depositors and maintaining financial stability.”

Sunday also emphasized that NIESV’s professionalism supports transparency, fairness, and value-for-money in asset recovery, directly contributing to public confidence in the banking system. He urged the institution to uphold high ethical standards and guard against insider abuses.

The NDIC is also strengthening its internal processes, including developing a comprehensive Asset Management Policy to guide asset identification, documentation, valuation, disposal strategies, and accountability in recoveries.

The Corporation welcomed opportunities for joint training and knowledge exchange with NIESV professionals, particularly on emerging valuation methodologies, asset management, and sustainable valuation practices.

In response, Dr. Alonge reaffirmed NIESV’s commitment to professionalism, integrity, and strict disciplinary standards for unethical conduct. He emphasized that the partnership with NDIC is crucial for enhancing service delivery, ensuring transparency, and boosting public confidence in Nigeria’s banking system.

The courtesy visit highlighted the shared commitment of both institutions to raise professional standards, deepen collaboration, and strengthen the bank liquidation process for the stability of the nation’s financial system.