NDIC Managing Director Addresses Stakeholders at Abuja Trade Fair, Emphasizes Deposit Safety and Consumer Protection
The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, delivered a comprehensive address today at the 18th Abuja International Trade Fair, outlining the Corporation’s pivotal role in safeguarding the nation’s financial stability and depositors’ funds.
In a speech delivered to a distinguished gathering of government officials, representatives of financial institutions, academia, civil society groups, and the press, Mr. Hassan expressed his pleasure and pride in welcoming all attendees to NDIC’s Special Day at the trade fair. He commended the organizers of the event for choosing the theme, “Sustainable Financing and Taxation as Drivers for the New Economy,” which aligns with the NDIC’s commitment to ensuring a stable financial environment.
Mr. Hassan emphasized the NDIC’s unwavering dedication to protecting depositors’ funds and ensuring financial inclusion. He underscored the importance of deposit security in bolstering confidence in the financial system and encouraging unbanked individuals to access financial services through licensed banks.
Reiterating the Corporation’s key mandates, Mr. Hassan highlighted its responsibility to provide deposit guarantees, supervise banks, manage distress, and oversee bank liquidations. He provided an update on the recent revocation of licenses for 179 Microfinance Banks and 4 Primary Mortgage Banks by the Central Bank of Nigeria (CBN). Within just seven days of these closures, the NDIC had disbursed a cumulative insured sum of N1.084 billion naira to 29,573 depositors, with ongoing payments for depositors exceeding the insured limit.
The NDIC is actively verifying and disbursing liquidation dividends to stakeholders of 20 closed banks. The list of eligible parties and verification forms can be found on the NDIC’s website.
Mr. Hassan cautioned the public against illegal fund managers, commonly referred to as “Wonder Banks” or “Ponzi Schemes,” and emphasized that these entities are neither licensed by the CBN nor covered by NDIC’s deposit insurance scheme. He urged the public to patronize only banks displaying the NDIC Stickers, ensuring their funds are “Insured by NDIC.”
To provide more information and support to the public, the NDIC has set up a pavilion at the trade fair, staffed by experienced personnel who can address inquiries and clarify deposit insurance operations. Additionally, a helpdesk has been established for depositors of failed banks to facilitate the processing of their claims.
Mr. Hassan extended his gratitude to the Abuja Chamber of Commerce, royal fathers, and all attendees for their commitment to the NDIC’s mission. He encouraged everyone to visit the NDIC pavilion and take advantage of their various communication channels, including a 24-hour toll-free telephone line and social media platforms, for further assistance.
The NDIC’s Special Day at the Abuja International Trade Fair served as an important platform to highlight the Corporation’s dedication to financial stability and depositors’ protection in Nigerian.
