The Nigeria Deposit Insurance Corporation (NDIC) has reiterated its unwavering commitment to protecting depositors’ funds and ensuring the stability of the nation’s financial sector.
This declaration was made by the corporation’s Managing Director, Bello Hassan, during the NDIC Special Day at the 46th Kaduna International Trade Fair on Thursday.
Hassan, represented by the Kano Zonal Controller of NDIC, Ahmed Umar, emphasized the corporation’s key role in safeguarding bank customers, especially the most vulnerable.
“For over three decades, the NDIC has played a critical role in protecting depositors and strengthening the financial system,” he stated.
He highlighted the agency’s core responsibilities, which include insuring deposits in licensed banks, supervising financial institutions, managing distressed banks, and ensuring smooth resolutions in cases of bank failures.
Hassan pointed out that the NDIC had consistently ensured that depositors are promptly reimbursed in the event of a bank collapse.
In particular, he cited the recent revocation of Heritage Bank’s operating license on June 3, 2024, where the NDIC reimbursed depositors within four days.
“Using their Bank Verification Numbers (BVN), we paid up to N5 million per depositor per bank from our deposit insurance funds,” Hassan explained.
The NDIC Managing Director further assured that creditors of defunct banks would also receive their payments, once all depositors had been reimbursed.
He stressed that the NDIC’s systematic approach prioritizes asset recovery to maintain financial stability.
Hassan also urged depositors of Heritage Bank who have yet to receive their funds to come forward with the necessary documentation to facilitate prompt reimbursement.
In his address, Alhaji Usman Saulawa, Director-General of the Kaduna Chamber of Commerce, Industry, Mines, and Agriculture, praised the NDIC for its significant role in safeguarding the financial sector.
“The NDIC has been instrumental in ensuring financial stability and protecting depositors. We appreciate their efforts and urge them to sustain this commitment,” he said.
The NDIC’s participation in the trade fair was aimed at enhancing public awareness about deposit insurance and promoting financial inclusion.
The trade fair, which carries the theme “Promoting Efficiency in Manufacturing, Trade, and Agriculture through Digital Transformation,” is expected to attract thousands of visitors and exhibitors from both local and international markets.
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