NDIC insures 99% of Nigerian depositors, says official

The Nigeria Deposit Insurance Corporation has said that about 99 per cent of depositors in Nigerian banks are fully covered under its enhanced deposit insurance scheme, assuring the public of the safety of their funds.

The Managing Director/Chief Executive of NDIC, Mr Thompson Sunday, disclosed this on Wednesday at the NDIC Special Day at the 47th Kaduna International Trade Fair.

The trade fair, organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture, has as its theme, “From Reforms to Results: Economic Transformation through Sustained Local Content Development.”

Represented by Assistant Director, Communication and Public Affairs Department, Regina Dinlung, Sunday said the theme aligned with ongoing reforms in the financial sector aimed at delivering tangible benefits to Nigerians.

He commended the Kaduna Chamber for sustaining the trade fair over the years, describing it as “a catalyst for innovation, business networking, financial sector sensitisation and investment promotion.”

Highlighting the corporation’s mandate, the NDIC boss said the agency had for over three decades played a critical role in protecting depositors, especially the most vulnerable, against the adverse effects of bank failures.

“Our mandate encompasses deposit guarantee, supervision of insured institutions, distress resolution and the orderly liquidation of failed banks,” he said.

Sunday explained that the NDIC works closely with the Central Bank of Nigeria to strengthen risk-based supervision, resolution planning and inter-agency collaboration to safeguard the banking system.

“Our tagline, ‘Protecting Your Bank Deposits,’ reflects our enduring commitment to financial inclusion and stability, reassuring Nigerians that their savings are safe,” he stated.