John Shiklam in Kaduna
The Nigeria Deposit Insurance Corporation (NDIC) has restated its commitment to protecting depositors’ funds and ensuring financial stability in the country.
The Managing Director of the NDIC, Bello Hassan, stated this yesterday at the 46th Kaduna International Trade Fair.
Speaking at the NDIC Special Day of the NDIC, Hassan noted the role of the corporation in safeguarding bank customers over the years, particularly the most vulnerable.
He said: “For over three decades, the NDIC has played a critical role in protecting depositors and strengthening the financial system,”
Hassan, who was represented at the event by the Kano Zonal Controller of NDIC, Ahmed Umar, explained that the NDIC core responsibilities include insuring deposits in licensed banks, supervising financial institutions, managing distressed banks, and ensuring seamless resolution in the event of bank failures.
According to him, the corporation had consistently ensured prompt reimbursement to depositors when banks collapsed.
Commenting on the revocation of Heritage Bank operating licence on June 3, 2024, Hassan said: “Within four days, NDIC reimbursed depositors using their Bank Verification Numbers (BVN). We pay up to N5 million per depositor per bank from our deposit insurance funds.”
He further assured the people that creditors of defunct banks would receive payments once all depositors had been settled, stressing that NDIC’s systematic approach prioritises asset recovery and financial stability.
He called on Heritage Bank depositors yet to receive their funds to come forward with necessary documentation for prompt reimbursement.
In his remarks on the occasion, the Director-General of the Kaduna Chamber of Commerce, Industry, Mines, and Agriculture, (KADCCIMA), Alhaji Usman Saulawa, commended the NDIC for its role in safeguarding the financial sector.
Saulawa said: “The NDIC has been instrumental in ensuring financial stability and protecting depositors. We appreciate their efforts and urge them to sustain this commitment. “
