The Nigeria Deposit Insurance Corporation (NDIC) has assured customers of insured commercial banks that their deposits are safe and will be promptly paid in the event of bank failure or liquidation.
Gatekeepers News reports that the Executive Director, Corporate Services, Mrs Emily Osuji, gave the assurance at a Stakeholders’ Town Hall Meeting on customer protection regarding bank charges and deposits, held in Kano.
Osuji said the NDIC remains committed to safeguarding the savings of Nigerians and strengthening confidence in the banking system through its statutory mandate of deposit guarantee, bank supervision, distress resolution and bank liquidation.
She cited recent cases involving defunct Heritage Bank Limited, Union Homes Plc and Aso Savings and Loans Plc, where verified depositors were paid promptly after fulfilling the necessary requirements.
“The corporation fulfils its role through its core mandates of deposit guarantee, bank supervision, distress resolution and bank liquidation, all of which are geared towards protecting the hard-earned savings of Nigerians and sustaining confidence in the banking system,” she said.
Osuji also disclosed that the NDIC’s current insurance coverage now protects about 99 per cent of depositors in Nigeria, describing the policy as a deliberate effort to protect small savers, promote financial inclusion and boost trust in the financial system.
“Our strapline, ‘Protecting your bank deposits!’, is more than mere words for us. We stand by this statement as a firm commitment to our mandate of ensuring that depositors have access to their hard-earned savings in the event of bank failure,” she said.
“This is a critical responsibility that we do not take lightly. This is especially so in times of financial uncertainty and distress, with the NDIC standing as a pillar of safety and reassurance for depositors, particularly the most vulnerable.”
She, however, urged customers to ensure that their Bank Verification Number (BVN) is linked to their accounts, explaining that the BVN serves as a unique identifier that enables the NDIC to trace alternate accounts for the payment of claims.
Also speaking at the event, the Head of Communication and Public Affairs, Hawwau Gambo, said the town hall meeting was designed to clarify misconceptions, build trust and strengthen depositor confidence.
She noted that the recent revocation of some banks’ operating licences by the Central Bank of Nigeria (CBN), as well as ongoing public discussions on bank recapitalisation, have made sustained stakeholder engagement more critical.
Gambo added that NDIC’s last Public Awareness Survey revealed the need to strengthen interpersonal communication channels to improve public understanding of deposit insurance.
“NDIC’s last Public Awareness Survey highlighted the need to enhance interpersonal communication channels to improve public understanding of deposit insurance. It is against this backdrop that the Stakeholders’ Town Hall Meetings were conceived as a structured, interactive platform for dialogue, education and feedback,” she said.
