NDIC Seeks Stakeholder Input on Revised Global Deposit Insurance Principles

LAGOS, Nigeria – June 3, 2025 – The Nigeria Deposit Insurance Corporation (NDIC) has called upon financial services industry stakeholders, policymakers, and the general public in Nigeria to provide feedback on the ongoing revision of the International Association of Deposit Insurers (IADI) Core Principles for Effective Deposit Insurance System. 

The proposed revision, launched by IADI in May 2025, represents a significant step towards enhancing the resilience and relevance of deposit insurance frameworks in the face of a rapidly evolving global financial landscape. Specifically, the update aims to comprehensively address structural changes within the industry, including digital innovation, the growing role of deposit insurers in resolution processes, and crucial lessons learned from the global banking turmoil experienced in March 2023, identified as the most significant systemic stress event since the 2007-09 global financial crisis

Hawwau Gambo, Head, Communication and Public Affairs, NDIC, in a statement released on Tuesday stated that the IADI Core Principles serve as a vital benchmark for jurisdictions worldwide, including Nigeria, to assess the quality of their deposit insurance systems and identify areas for improvement in their practices. These principles are also utilized by the International Monetary Fund (IMF) and the World Bank within the context of the Financial Sector Assessment Programme (FSAP) to evaluate the effectiveness of countries' deposit insurance systems and practices.

“The initial set of these Core Principles was jointly issued by IADI and the Basel Committee on Banking Supervision (BCBS) in June 2009. The document is subjected to periodic revision to ensure it remains current with evolving trends in the global financial system”

“As a founding and committed member of IADI, the NDIC recognizes the importance of this ongoing revision process. The Corporation is therefore inviting all interested stakeholders and the general public to actively participate by reviewing the draft document available on the NDIC website via this link: [https://ndic.gov.ng/wp-content/uploads/2025/06/Draft-Revised-IADI-Core-Principles.pdf](https://ndic.gov.ng/wp-content/uploads/2025/06/Draft-Revised-IADI-Core-Principles.pdf)”

“All feedbacks should be forwarded to the Corporation via email to **iadi@ndic.gov.ng in PDF format on or before June 30, 2025” said Gambo.