NDIC Reassures Nigerians of Banking Sector Stability
The Nigeria Deposit Insurance Corporation (NDIC) has reassured Nigerians of the stability, safety, and overall health of the nation’s deposit money banks, urging citizens to continue their banking transactions with confidence. This reassurance was given by NDIC Managing Director Mr. Bello Hassan, represented by Mr. Nuhu Bashir, Director of Communications and Public Affairs, during the NDIC’s Special Day at the 36th Lagos International Trade Fair.
Hassan affirmed, “All banks that have not had their licenses withdrawn by the Central Bank of Nigeria (CBN) are safe and sound.” He underscored that the NDIC remains dedicated to maintaining a secure financial system, ensuring ongoing safety and soundness in the industry.
The 2024 theme of the NDIC’s Special Day, “Connecting Businesses, Creating Value,” highlighted the agency’s goal to foster business growth through innovation and collaboration. Hassan stated that NDIC’s stable financial environment “safeguards depositors and builds public confidence, enabling businesses to thrive and contribute to economic development.”
As a key player in depositor protection since its inception over 35 years ago, NDIC works closely with the CBN to mitigate the impact of bank failures. Hassan discussed NDIC’s role in the liquidation of Heritage Bank, explaining that approximately 86% of depositors have received insured sums. He encouraged remaining depositors to come forward with identification, BVN, and alternative account details for payment processing, noting that claims can be submitted via NDIC’s website, email, and social media platforms.
Mr. Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry (LCCI), praised NDIC’s effectiveness in maintaining sector stability. “The corporation’s vigilant monitoring of banks, proactive interventions, and commitment to depositor protection have instilled confidence in the sector, ensuring banks can serve businesses and individuals even in uncertain times,” he said.
Idahosa further commended NDIC’s contributions toward a secure financial environment that empowers businesses, stimulates economic growth, and reinforces public trust. He also encouraged the corporation to evolve with the financial landscape, addressing challenges like digitalisation and non-performing loans, to continue enhancing Nigeria’s financial sector.
