The Nigeria Deposit Insurance Corporation (NDIC) has reiterated its dedication to ensuring stability in the Nigerian banking sector by guaranteeing swift compensation for depositors in the event of a bank failure.
At the 38th Lagos International Trade Fair last week, Bello Hassan, Managing Director of NDIC, emphasized the corporation’s ongoing efforts to protect Nigerian bank depositors. Represented by Bashir Nuhu, Director of Communication and Public Affairs, Hassan highlighted NDIC’s collaboration with the Central Bank of Nigeria (CBN) to strengthen the banking sector’s stability, enforce regulations, and ensure effective oversight of financial institutions that offer insured deposits.
While focusing on insured deposits, Hassan stressed that NDIC remains committed to compensating depositors with balances above N5 million. He also shared updates on the ongoing reimbursement efforts for depositors affected by the revocation of Heritage Bank’s operating license on June 3rd, 2024. NDIC is actively working to liquidate the bank’s assets and recover outstanding debts, aiming to provide timely payments to uninsured depositors.
Hassan urged Heritage Bank depositors who have not yet received their compensation to submit their claims through the NDIC’s website, email, or social media platforms, providing their Bank Verification Number (BVN), account ownership proof, identification, and alternative account details.
Gabriel Idahosa, president of the Lagos Chamber of Commerce and Industry (LCCI), also addressed small businesses, urging them to bank with registered commercial institutions to protect their deposits. He commended NDIC’s vital role in Nigeria’s financial system, particularly in maintaining stability during challenging times. Idahosa recognized NDIC’s regulatory oversight, depositor insurance schemes, and proactive interventions as essential to safeguarding the integrity of the country’s banking sector.
Idahosa praised NDIC for its continuous vigilance in monitoring financial institutions and ensuring depositor protection, noting that its role has been crucial in stabilizing Nigeria’s financial environment and maintaining confidence in the banking sector amidst economic uncertainties.
