NDIC reassures depositors of safeguard mechanisms
15 November 2024 |
6:53 am
The Nigeria Deposit Insurance Corporation (NDIC) has reassured bank depositors of their insured sums in case of any bank failure.The assurance was given at the just-concluded 36th Lagos International Trade Fair, by the Managing Director of NDIC, Bello Hassan.
The Nigeria Deposit Insurance Corporation (NDIC) has reassured bank depositors of their insured sums in case of any bank failure.The assurance was given at the just-concluded 36th Lagos International Trade Fair, by the Managing Director of NDIC, Bello Hassan.
He said all banks operating in the country are safe and healthy. Hassan, who was represented by the Director of Communications and Public Affairs, Nuhu Bashir, at the corporation’s special day at the trade fair said the corporation is working to ensure continuous safety and soundness in the financial system.
According to him, the theme of the event was to highlight the importance of fostering growth by empowering businesses to innovate, collaborate and drive wealth creation.
“Aligned with this vision, the NDIC is committed to ensuring a stable financial environment that safeguards depositors and builds public confidence, enabling businesses to thrive and contribute to economic development,” he said
He explained the mandate of the corporation was safeguarding depositors from the devastating impact of bank failures by working in collaboration with the Central Bank of Nigeria (CBN).
Hassan explained how the oversight and regulatory functions of the NDIC had helped in the liquidation of the failed Heritage Bank and the ongoing recovery and refund of depositors’ funds.
The NDIC boss also explained the approach adopted by the corporation to facilitate the payment of insured guaranteed sums to about 86 per cent of depositors of the failed Heritage Bank.
He advised depositors, yet to receive their payment, to come forward with their BVNs, proofs of account ownership, identifications and alternative account details.
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