NDIC reassures Nigerians on bank safety
Joy Agwunobi
The Nigeria Deposit Insurance Corporation (NDIC) has reassured Nigerians of the resilience, stability, and security of the nation’s deposit money banks, encouraging continued public trust in the banking system.
This assurance was delivered by Bello Hassan, NDIC’s Managing Director, through Nuhu Bashir, Director of Communications and Public Affairs, at the NDIC’s Special Day event during the 36th Lagos International Trade Fair.
According to Hassan, the theme of the NDIC’s Special Day, “Connecting Businesses, Creating Value,” underscores the corporation’s dedication to fostering an environment that promotes business growth and economic prosperity.
“Aligned with this vision, the NDIC is committed to ensuring a stable financial environment that safeguards depositors and builds public confidence,” he said, adding that the NDIC’s mission remains focused on supporting the safety and soundness of Nigeria’s financial system.
Hassan further emphasised the NDIC’s commitment to a stable financial environment that not only protects depositors but also bolsters public trust, ultimately supporting businesses and contributing to national economic development.
“Since its establishment over three decades ago, the NDIC has been instrumental in protecting depositors, especially those most at risk, while strengthening the integrity of our financial system,” he added.
Hassan also detailed the NDIC’s mandate to protect depositors in the event of bank failures. He noted that the NDIC has worked closely with the Central Bank of Nigeria (CBN) to ensure that depositors affected by the recent liquidation of Heritage Bank have access to their funds.
He noted that about 86 per cent of these depositors have already received their insured sums, adding that others can still claim theirs by providing their Bank Verification Number (BVN), proof of account ownership, identification, and an alternate account for the refund.
On his part, Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry (LCCI), commended the NDIC’s contributions to Nigeria’s financial landscape, noting that the corporation’s rigorous oversight and proactive approach to distressed banks has been essential for stability in the sector. Idahosa also praised the NDIC for its role in strengthening public trust in banks, helping businesses and individuals alike feel secure in their financial dealings.
He urged the NDIC to continue adapting to new financial challenges, including digital transformation, the issue of rising non-performing loans, and enhancing public awareness about banking and deposit safety.
“The NDIC’s role as a pillar of financial stability has been critical for Nigeria’s banking sector, helping to drive growth and reinforce public trust,” he stated, calling for the corporation to continue adapting to the evolving financial landscape.