The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Thompson Oludare Sunday, has reassured customers of commercial banks of the security of their deposits under the corporation’s insurance.
Besides, Sunday reminded that NDIC is closely working with the Central Bank of Nigeria (CBN) to ensure effective supervision of financial institutions and maintain stability in the banking landscape.
The NDIC boss gave the assurance on Wednesday during the ongoing 46th Kano International Trade Fair, where he reaffirmed the Corporation’s commitment to insulating the system against global instability.
Sunday, who was represented by the executive director, procurement, Shokunbi Kayode, said the corporation has insured depositors of Deposit Money Banks (DMBs), Mobile Money Operators (MMOs), and Non-Interest Banks (NIBs) up to the sum of #5,000,000.
He asserted that in the unlikely event of a bank failure, depositors can promptly receive an insured sum of #5,000,000 for commercial banks and mobile money operators, and ₩2,000,000 for microfinance, primary mortgage, and payment service banks.
He disclosed NDIC’s readiness to strengthen regulatory frameworks to ensure compliance and stability among all deposit-taking institutions.
He added that, despite the March 2026 deadline for bank recapitalisation, the NDIC will ensure a smooth process and stands fully ready to implement any necessary regulatory interventions to maintain confidence and stability in the financial system.
Sunday therefore urged depositors to remain vigilant against falling prey to Ponzi schemes and fraudulent investment platforms, and to ensure their deposits are placed only in Central Bank of Nigeria-licensed banks covered by NDIC deposit insurance.
“Your vigilance is crucial to safeguarding your hard-earned savings. I invite you to visit the NDIC Pavilion during this Trade Fair. Our team is ready to provide insights, answer questions, and share information on deposit insurance and our activities.
“Our mission includes insuring deposits in licensed banks, supervising financial institutions, managing distressed banks, and ensuring a smooth resolution process during bank failures. We remain dedicated to protecting Nigerians’ bank deposits from financial instability.
“As we gather here, we are reminded of the critical role NDIC plays in driving economic growth and development. We remain committed to ensuring the stability and security of financial institutions in Nigeria.
“Our mandate is clear: we protect depositors’ funds, supervise banks, resolve distressed institutions, and liquidate failed banks. It is important to note that NDIC works in close collaboration with the Central Bank of Nigeria (CBN) to maintain stability in the banking sector,” Sunday noted.
The Kano State Commissioner for Women Affairs, Hajiya Amina Sani Abdullahi, applauded the leadership of Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA) for the innovation and transformation showcase in the ongoing fair.
The commissioner said the government’s unwavering commitment to economic revitalisation is evident in the administration’s support for entrepreneurship, investment promotion, and the strengthening of commercial infrastructure across the state.
She commended all exhibitors participating in this year’s fair for their creativity, resilience, and commitment to excellence, assuring government’s support to stimulate economic prosperity and inspire future generations of entrepreneurs.
