The Nigeria Deposit Insurance Corporation has called for deeper collaboration with the Nigerian Institution of Estate Surveyors and Valuers to ensure more accurate valuation of assets belonging to failed banks.

According to a press statement issued on Monday by the Head of Communication and Public Affairs Department of the NDIC, Hawwau Gambo, the Managing Director and Chief Executive of the Corporation, Thompson Sunday, made the call during a courtesy visit by the President and Chairman of Council of NIESV, Dr Victor Alonge, and members of his executive team to the NDIC headquarters in Abuja.

The statement read, “The MD/CE of the NDIC, Mr Thompson Sunday, has called on the Nigerian Institution of Estate Surveyors & Valuers to strengthen strategic collaboration with the Corporation as the NDIC relies on NIESV members for accurate and credible valuation of assets of failed banks, which is critical for effective liquidation and payment of depositors.”

Sunday further said the corporation relies on precise and credible valuation of assets during the liquidation of failed banks, explaining that accurate reports help determine the true worth of assets and support their sale at the best possible value.

According to him, proceeds from the disposal of such assets are used to pay depositors with balances above the insured amount, making professionalism in valuation essential for protecting depositor funds.

Sunday stated that NIESV’s professionalism 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.

He urged the Institution to uphold the highest ethical standards and guard against insider abuse. He added that the corporation is strengthening its internal processes, including the development of a comprehensive Asset Management Policy to guide asset identification and documentation, valuation procedures, disposal strategies, and accountability in recoveries.

The NDIC Chief Executive also emphasised the need for stronger collaboration between both organisations, noting that the corporation welcomes joint training and knowledge exchange on emerging valuation methodologies, asset management, and sustainable valuation practices.

Responding, Alonge reaffirmed NIESV’s commitment to professionalism and integrity. He said the Institution, established by an Act of Parliament, maintains strict disciplinary procedures to sanction members found to be unethical or unprofessional.

He assured the NDIC of sustained cooperation and technical support, describing the partnership as vital to enhancing service delivery and strengthening public confidence in the banking system.