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The Nigeria Deposit Insurance Corporation (NDIC) has assured Nigerians of the stability, security, and health of the nation’s deposit money banks, encouraging citizens to bank with confidence.
Speaking at the 36th Lagos International Trade Fair during the NDIC’s Special Day, NDIC Managing Director Mr. Bello Hassan, represented by Mr. Nuhu Bashir, Director of Communications and Public Affairs, reiterated that all banks with valid licenses from the Central Bank of Nigeria (CBN) are safe and reliable.
Highlighting the NDIC’s role in fostering financial stability, Hassan emphasized the corporation’s commitment to maintaining a sound financial environment that builds public trust and supports business growth. This aligns with the trade fair’s 2024 theme, “Connecting Businesses, Creating Value,” which underscores the importance of empowering businesses to drive wealth creation and economic development.
“As a critical player in Nigeria’s financial sector for over three decades, the NDIC continues to protect depositors, especially the most vulnerable, while strengthening the financial system,” Hassan noted.
In collaboration with the CBN, the NDIC works to protect depositors from the adverse impacts of bank failures. Hassan highlighted the NDIC’s recent involvement in the liquidation of the failed Heritage Bank, which included the recovery and refund of depositors’ funds. He noted that approximately 86% of Heritage Bank’s depositors have already received their insured amounts and encouraged others to claim their funds by providing necessary identification and bank details.
Depositors can submit claims through the NDIC’s website, email, or social media channels to facilitate swift processing.
Mr. Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry (LCCI), commended the NDIC for its vital role in ensuring financial stability. “Through vigilant monitoring, proactive intervention, and commitment to depositor protection, the NDIC instills confidence in Nigeria’s banking sector, supporting both businesses and individuals even in uncertain times,” he said.
Idahosa also praised the NDIC’s ongoing contributions to fostering a secure financial environment that fuels economic growth and reinforces public trust. He encouraged the NDIC to continue adapting to the evolving financial landscape, addressing emerging challenges such as digitalization, rising non-performing loans, and public awareness.
The NDIC’s unwavering dedication to depositor protection and financial stability remains instrumental in navigating economic challenges, safeguarding the integrity of Nigeria’s banks, and empowering a thriving financial sector for all Nigerians.
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