COMFORT EKELEME
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to promoting stability in the Nigeria banking industry by ensuring that depositors are promptly compensated when a bank fails.
Managing Director of NDIC, Bello Hassan said this last week during the corporation’s special day at the 38th Lagos International Trade Fair.
He said the corporation remain committed to safeguarding Nigerian bank depositors from the devastating impact of bank failures.
Hassan who was represented by the Director, Communication and Public Affairs Department of NDIC, Bashir Nuhu, the corporation remains committed to safeguarding Nigerian bank depositors from the devastating impact of bank failures.
“In collaboration with the Central Bank of Nigeria (CBN), we work tirelessly in ensuring the stability of the banking sector, maintain compliance to banking regulations and ensure effective oversight of insured deposit-taking financial institutions,” he said.
According to him, while the NDIC’s immediate focus remains on insured deposits, it is also committed to ensuring that depositors with balances exceeding N5 million are compensated.
He also spoke on the ongoing efforts on reimbursing depositors after the recent revocation of Heritage Bank’s operating licence by CBN on June 3rd 2024, adding that this reinforces the corporation’s critical role.
“In this regard, the Corporation has already initiated the process of realising the bank’s assets and recovery of debts owed to ensure the timely payment of the uninsured depositors by way of liquidation dividends,” he said.
He however, called on depositors of Heritage Bank, who are yet to receive their payments, to come forward with their Bank Verification Number (BVN), proof of account ownership, identification, and alternative account details.
He added that claims can be submitted through various channels, including the NDIC’s website, email, and social media platforms.
On his part, the president of the Lagos Chamber of Commerce and Industry (LCCI) Gabriel Idahosa implored small businesses to bank with registered commercial banks in order to ensure that their deposits are intact.
He commended the role played by the NDIC in Nigeria’s financial system, stressing that the LCCI recognises the corporation’s commitment to safeguarding depositors and strengthening Nigeria’s financial infrastructure.
“NDIC has played a pivotal role in maintaining stability within this turbulent environment.
“Through its regulatory oversight, depositor insurance schemes, and intervention strategies, the NDIC has mitigated some of the potential crises that could have significantly destabilised Nigeria’s financial sector.
“The corporation’s vigilant monitoring of banks, proactive intervention in distressed institutions, and ongoing commitment to depositor protection have instilled confidence in the banking sector, ensuring that banks can continue to serve businesses and individuals even in uncertain economic times”, he said.
He praised the NDIC for standing as a pillar of stability and confidence within Nigeria’s financial sector, saying the corporation’s commitment to depositor protection and financial stability has been vital in navigating recent economic challenges and safeguarding the integrity of Nigeria’s banks.
