The Nigeria Deposit Insurance Corporation (NDIC) and the House of Representatives Committee on Insurance and Actuarial Matters are working together to reinforce the national financial safety net. This initiative follows the recent conclusion of the banking sector’s recapitalization process.
Over 60 committee members gathered with NDIC representatives in Lagos to analyze how bank recapitalization and the rise of financial technology impact the industry. Ahmadu Jaha, the committee chairman, emphasized that increased bank capital necessitates better oversight, strict corporate governance, and solid protection for depositors. He argued that a secure financial system depends on improved crisis management and better cooperation among regulatory entities.
Thompson Sunday, the Managing Director and CEO of the NDIC, noted that the industry’s recapitalization, which wrapped up on March 31, 2026, requires a shift toward higher standards. According to Sunday, banks must now focus on robust risk management, consistent regulatory compliance, and transparent governance to ensure long-term stability.
