The Nigeria Deposit Insurance Corporation has urged stronger collaboration with the Nigerian Institution of Estate Surveyors and Valuers to improve the accuracy of asset valuation for failed banks.

In a statement on Monday, NDIC spokesperson, Hawwau Gambo, said Managing Director Thompson Sunday made the appeal during a courtesy visit by NIESV President Dr. Victor Alonge and his executive team to the Corporation’s 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 added that the Corporation depends on precise and credible asset valuations when liquidating failed banks, noting that accurate reports are crucial for determining the true worth of assets and ensuring they are sold at the best possible value.

He noted that proceeds from the sale of these assets are used to settle depositors with balances above the insured limit, making professionalism in valuation vital to safeguarding depositor funds.

Sunday emphasized that NIESV’s professionalism directly supports financial stability and depositor protection by promoting transparency, fairness, and value for money in asset disposal and recovery processes.

He urged the Institution to maintain the highest ethical standards and guard against insider abuse.

He also noted that the Corporation is enhancing its internal procedures, including developing a comprehensive Asset Management Policy to guide asset identification and documentation, valuation methods, disposal strategies, and accountability in recoveries.

The NDIC Chief Executive also highlighted the importance of closer collaboration between the two organisations, noting that the Corporation supports joint training and knowledge-sharing on emerging valuation techniques, asset management, and sustainable valuation practices.

In response, Alonge reiterated NIESV’s commitment to professionalism and integrity, stating that the Institution, established by an Act of Parliament—upholds strict disciplinary measures against members who act unethically or unprofessionally.