The Senate Committee on Banking, Insurance and Other Financial Institutions has urged the newly appointed leadership of the Nigeria Deposit Insurance Corporation (NDIC) to prioritise early detection of risks in the banking sector to safeguard depositors’ funds.
Speaking during the NDIC 2025 Retreat for the Committee in Niger State on Monday, it’s Chairman, Mukhail Abiru, charged the organisation to adopt a proactive approach to financial crisis prevention rather than focusing solely on interventions after institutions collapse.
While noting the growing prevalence of cyber threats and digital vulnerabilities in the financial system, Abiru urged the NDIC to strengthen its risk management systems and maintain a high level of vigilance.
“We live in rapidly changing times. Beyond the usual challenges banks face, we are also dealing with cyberattacks and other risks. I’m sure you are already thinking of how to incorporate risk management to address these issues in the banking sector, which you are now beginning to oversee,” he stated.
The lawmaker further assured the NDIC of continuous legislative support to enable the agency perform its mandate effectively.
