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The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its directive requiring all deposit money banks to resolve customer complaints within two weeks, emphasizing that any unresolved issues after this period can be escalated directly to the Corporation for prompt intervention. The directive underscores NDIC’s ongoing commitment to consumer protection, regulatory compliance, and depositor confidence within Nigeria’s financial system.
Speaking at the NDIC Special Day during the Lagos International Trade Fair, Mr. Olawale Sule, Director of the Claims Resolution Department, reiterated the Corporation’s role as the primary institution responsible for resolving customer grievances and safeguarding depositors’ funds.
Representing NDIC Managing Director/Chief Executive, Mr. Oludare Sunday, Sule explained that bank supervision and claims resolution remain core to the Corporation’s mandate. This includes examining financial institutions, monitoring compliance with regulatory frameworks, and ensuring timely redress of customer issues.
“We have directed all banks to resolve customer complaints within two weeks,” Sule stated. “If after that period the issue remains unresolved, depositors are free to escalate their complaints to the NDIC through any of our available channels.”
He noted that common complaints often include unresolved ATM dispense errors, unauthorized transactions, and other issues affecting customers’ accounts. In such cases, the NDIC is empowered to intervene and enforce corrective actionsto uphold regulatory integrity and consumer trust.
Sule also emphasized that only banks licensed by the Central Bank of Nigeria (CBN) and insured by the NDIC are covered under the deposit insurance scheme, which provides financial protection in the event of bank distress or failure.
“When you visit a licensed bank, you’ll see a logo that says ‘Protected by NDIC.’ Any institution displaying that logo without authorization is not a legitimate bank,” he cautioned.
He urged the public to always verify the status of financial institutions before making deposits, adding that a comprehensive list of insured banks is available on the NDIC’s official website.
Addressing the rise of “wonder banks” that lure unsuspecting Nigerians with unrealistic investment returns, Sule advised citizens to exercise caution and report suspicious entities. NDIC offices nationwide remain open to verify the legitimacy of any deposit-taking institution, reinforcing financial safety and regulatory compliance.
Referencing past public confusion, Sule clarified that OPay is a legitimate and regulated financial institution, dispelling earlier misconceptions about its status.
He concluded by reaffirming NDIC’s mission to strengthen governance, risk management, and compliance (GRC)standards within the banking sector — a key step toward enhancing public confidence, protecting depositors, and supporting a stable and transparent financial ecosystem in Nigeria.
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