ENUGU – The Nigeria Deposit Insurance Corporation has underscored its strengthened commitment to protecting bank customers and ensuring confidence in Nigeria’s financial system during the 37th Enugu International Trade Fair.
Speaking at the Corporation’s Special Day, the Managing Director/Chief Executive, Thompson Oludare Sunday, said empowering Micro, Small and Medium Enterprises (MSMEs) remains critical to driving sustainable economic growth and global competitiveness.
He praised the Enugu Chamber of Commerce, Industry, Mines and Agriculture for sustaining the Trade Fair as a credible platform for business development, innovation, and investment opportunities, noting that the NDIC continues to align with such initiatives that promote financial inclusion and literacy.
Reaffirming the Corporation’s mandate, Sunday explained that the NDIC plays a crucial role in protecting depositors, supervising banks, resolving distressed financial institutions, and ensuring orderly liquidation when necessary.
He added that the Corporation works closely with the Central Bank of Nigeria to maintain a stable and resilient banking sector.
To further strengthen depositor confidence, he revealed that the NDIC reviewed its insurance coverage in 2024.
Under the revised framework, depositors in commercial, merchant, and non-interest banks, as well as mobile money operators, are insured up to ₦5 million, while those in microfinance banks, mortgage institutions, and payment service banks are covered up to ₦2 million—protecting the vast majority of customers.
The NDIC boss also addressed public concerns about reimbursement in the event of bank failures.
He explained that banks contribute premiums into a dedicated Deposit Insurance Fund, which is used to compensate depositors promptly.
Through the Bank Verification Number (BVN) system, affected customers are identified and paid within days by transferring funds to alternative bank accounts.
He stressed that depositors with funds exceeding the insured limit are not abandoned, as the Corporation recovers additional monies through the sale of assets and debt recovery from failed institutions. These are paid out as liquidation dividends in phases.
Providing examples, he noted that depositors of defunct banks, including Heritage Bank Limited, have already received insured payments, while further recoveries are ongoing to settle outstanding balances.
Sunday encouraged members of the public to take advantage of the NDIC’s presence at the Trade Fair to gain better understanding of how to safeguard their deposits and avoid fraudulent investment schemes.
He reaffirmed that the Corporation remains focused on leveraging technology, improving service delivery, and strengthening depositor protection as part of its broader goal of sustaining financial system stability and supporting Nigeria’s economic growth.
