MD/CE NDIC’S Welcome Remark at IADI-ARC Workshop & Annual Meeting 2026

The Chairman, Senate Committee on Banking, Insurance, and Other Financial Institutions

The Chairman, House Committee on Banking, Insurance, and Other Financial Institutions

Distinguished Members of the National Assembly

The Honourable Minister of Finance and Coordinating Minister of the Economy

The Governor of the Central Bank of Nigeria

The Secretary General, International Association of Deposit Insurers

The Chairperson of the International Association of Deposit Insurers, Africa Regional Committee

Heads of Deposit Insurance Organisations

Other representatives of Africa Regional Committee members

Representatives of other Financial Services Regulation Coordinating Committee members

Distinguished Speakers, Moderators and Facilitators

Ladies and Gentlemen, Good Morning

It is with immense pleasure and honour that I welcome you all to Abuja, the Federal Capital Territory of the Federal Republic of Nigeria for the 2026 International Association of Deposit Insurers (IADI) Africa Regional Committee Annual Meeting and Workshop.

On behalf of the Board, Management and Staff of the Nigeria Deposit Insurance Corporation (NDIC), I extend our warmest welcome and sincere appreciation to all delegates who have travelled from across Africa and other regions of the world to participate in this important gathering.

Your presence here today reflects our shared commitment to strengthening depositor protection, preserving public confidence in financial institutions and promoting effective deposit insurance systems. These objectives remain central to the mandates of the NDIC and to the mission of deposit insurers world over.

This year’s theme, “Safeguarding Stability: Public Awareness and Crisis Readiness for a Stronger Future,” is timely and highly relevant. Across the globe, deposit insurance systems are having to adapt to a rapidly changing financial environment shaped by digital innovation, fintech developments, artificial intelligence and increasing cross-border financial activities.

While these developments present significant opportunities to expand financial inclusion and improve service delivery, they also create new risks that require proactive, coordinated responses from financial safety-net participants.

Distinguished ladies and gentlemen, confidence remains the most valuable asset in any financial system. Indeed, trust takes years to build but can be eroded within days if stakeholders perceive uncertainty or instability. As deposit insurers, central banks, supervisors, and resolution authorities, our collective responsibility extends beyond establishing protective frameworks; it includes ensuring that the public understands, trusts, and relies on those frameworks during both normal and turbulent times.

Public awareness is, therefore, an essential pillar of effective deposit insurance systems, and a critical tool for deposit insurers. A well-informed depositor is more likely to make rational decisions and less likely to react adversely to rumours, misinformation, during periods of uncertainty. Public awareness must therefore be treated not as a peripheral concern but as a pillar of stability. This underscores the importance of the discussions we will have during this Workshop on building confidence in normal times and strengthening communication strategies during crises.

Equally important is robust crisis preparedness. The lessons from the 2023 banking turmoil, the most severe episode of systemic stress since the 2007 – 2008 Global Financial Crisis, underscore the need for readiness in safeguarding financial stability. Although different factors drove the bank failures, they triggered a widespread crisis of confidence in banks and financial markets, prompting national and international policymakers to examine the underlying causes and draw critical lessons.

These events serve as a reminder that financial crises can emerge unexpectedly and evolve rapidly, particularly in digital environments, where information travels instantaneously, and depositor reactions can be amplified by technology and social media. In such circumstances, preparedness, effective coordination and timely intervention can make the difference between maintaining stability and allowing contagion to spread throughout the financial system.

It is therefore befitting that this Workshop will examine practical approaches to crisis readiness, institutional preparedness, coordinated responses among financial safety-net participants and strategies for building resilience within our respective jurisdictions. The sessions and roundtable discussions have been carefully designed to facilitate the exchange of experiences, lessons learned and innovative solutions to common challenges.

Distinguished delegates, Nigeria remains committed to strengthening the resilience of its financial system through sound regulation, effective supervision, and robust depositor protection arrangements. The NDIC, working closely with the Federal Ministry of Finance, the Central Bank of Nigeria, and other safety-net participants, continues to play a critical role in maintaining financial stability and protecting depositors.

Since its establishment in 1988 and commencement of its operations in 1989, the NDIC has continuously adapted its policies, tools and operational frameworks to respond to the changing realities of Nigeria’s financial sector. Today, the Corporation remains focused on strengthening its operational readiness through sustained capacity building, enhanced depositor reimbursement systems, intensified public awareness initiatives, and improved crisis management capabilities, all aligned with international best practices.

Distinguished delegates, Deposit Insurance Systems across Africa have recorded remarkable progress and transformation over the years, significantly enhancing their operational effectiveness and resilience. These achievements have strengthened the capacity of our institutions to protect depositors, promote confidence in the financial system and respond more effectively to emerging challenges.

The Africa Regional Committee (ARC) has evolved into an invaluable platform for peer learning, technical cooperation, capacity building and policy dialogue, through which member institutions have exchanged experiences and shared best practices. This growing collaboration reflects our collective recognition that the challenges confronting our financial systems are increasingly interconnected and require coordinated responses, sustained knowledge sharing and robust cooperation among deposit insurers across the continent.

As our financial systems become more interconnected, no institution can effectively address emerging risks in isolation. The challenges before us require stronger partnerships, greater information sharing, enhanced cross-border cooperation and continuous investment in institutional capacity. This Annual Meeting and Workshop provides an excellent opportunity to advance these objectives.

Over the next few days, I encourage all participants to actively engage, share experiences, and contribute practical insights from their respective jurisdictions. The issues before us are increasingly interconnected, and require collective responses.

I am confident that the deliberations during this Workshop will generate valuable ideas and practical recommendations to strengthen public awareness, enhance crisis preparedness, and improve depositor protection across all our regions.

The NDIC remains committed to working closely with IADI, the Africa Regional Committee and our fellow deposit insurers to advance international best practices and strengthen financial safety nets for the benefit of all the stakeholders we serve.

I wish to express our sincere appreciation to the International Association of Deposit Insurers, the Africa Regional Committee, our distinguished speakers, moderators, facilitators and delegates for honouring our invitation. We are equally grateful to the Federal Government of Nigeria, the Federal Ministry of Finance, the Central Bank of Nigeria and all the members of the Financial Services Regulation Coordinating Committee for their continued support and collaboration.

Once again, I welcome you warmly to Abuja, Nigeria. I wish you fruitful deliberations, a rewarding experience and a successful Workshop.

Thank you.