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 insurance of the corporation.
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 at the 46th Kano International Trade Fair, where he reaffirmed the corporation’s commitment to insulating the system against global instability.
Represented by the Executive Director, Procurement, Shokunbi Kayode, the MD said the corporation had insured depositors of Deposit Money Banks (DMBs), Mobile Money Operators (MMOs), and Non-Interest Banks (NIBs) up to the sum of N5,000,000.
He asserted that in the unlikely event of a bank failure, depositors can promptly receive an insured sum of N5,000,000 for commercial banks and mobile money operators, and N2,000,000 for microfinance, primary mortgage, and payment service banks.
Sunday reaffirmed 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 recapitalisation of banks, the NDIC would ensure a smooth process and stands fully ready for any necessary regulatory interventions to sustain confidence and stability in the financial system.
He, therefore, urged depositors to remain vigilant against falling prey to Ponzi schemes and fraudulent investment platforms, advising that their deposits should only be placed in CBN-licensed banks covered by NDIC deposit.
Commissioner for Women Affairs, Amina Sani Abdullahi, applauded the leadership of the Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA) for the innovation and transformation showcased at the fair.
She said the government’s unwavering commitment to economic revitalisation is evident in the administration’s support for entrepreneurship, investment promotion, and strengthening of commercial infrastructure across the state.
