NDIC recovers over N8.3b illegal withdrawals from commercial banks

Nigeria Deposit Insurance Corporation (NDIC) has recovered over N8.3 billion unauthorised withdrawals from depositors’ accounts in commercial banks this year.

Managing Director NDIC, Bello Hassan, disclosed this, yesterday, during the corporation’s special day at the 43rd Kano International Trade Fair in the Zoo Road Complex of Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA).

Hassan hinted that the large sum recovered from the financial institutions between January and November 2022 followed complaints from depositors across the country.

Represented by Director of Communications and Corporate Affairs, Bashir Nuhu, the MD disclosed that complaints bordered on unauthorised deduction of customers deposits, unwarranted charges and fees as well as fraud at the Point of Service (POS) machines, were successful resolved.

He warned depositors and other bank customers to be wary of criminally-minded financial service providers and seek help from NDIC in the case of misappropriation with any insured financial institution.