NDIC, NIESV to strengthen valuation on failed assets

The Managing Director of the Nigeria Deposit Insurance Corporation NDIC, Mr. Thompson Sunday has called on the Nigerian Institution of Estate Surveyors Valuers (NIESV) to strengthen strategic collaboration with the Corporation on valuation on failed assets. The NDIC charged the NIESV members on accurate and credible valuation of assets of failed banks, which is critical for effective liquidation and payment of depositors. The MD/CE made the call during a courtesy visit by the President/Chairman of Council of the NIESV, Dr. ESV. Victor Adekunle Alonge, and members of his executive team to the NDIC Head Office, Abuja. Sunday further 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.

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, while maintaining strict disciplinary procedures to sanction any member found to be unethical or unprofessional.

The courtesy visit underscored the shared commitment of both institutions to deepen collaboration, enhance professional standards, and strengthen the bank liquidation process in Nigeria for the overall stability of the financial system.

Nigerians can now invest ₦2.5 million on premium domains and profit about ₦17-₦25 million. All earnings paid in US Dollars. Rather than wonder, click here to find out how it works.

Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.