The Nigeria Deposit Insurance Corporation (NDIC) has stated that approximately 99 per cent of bank depositors in Nigeria are fully protected under its enhanced deposit insurance framework, reassuring the public of the safety of their funds.
The Managing Director and Chief Executive of NDIC, Mr. Thompson Sunday, disclosed this on Wednesday during the corporation’s Special Day at the 47th Kaduna International Trade Fair.
The trade fair, organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA), is themed “From Reforms to Results: Economic Transformation through Sustained Local Content Development.”
Represented by the Assistant Director in the Communication and Public Affairs Department, Regina Dinlung, Sunday noted that the theme aligns with ongoing reforms in the financial sector designed to deliver measurable benefits to Nigerians.
He explained that for over three decades, the NDIC has played a vital role in safeguarding depositors—particularly small and vulnerable savers—from the impact of bank failures.
“Our mandate covers deposit guarantee, supervision of insured institutions, resolution of distressed banks, and the orderly liquidation of failed institutions,” he said.
Sunday added that the corporation works in close collaboration with the Central Bank of Nigeria (CBN) to strengthen risk-based supervision, resolution planning, and inter-agency coordination aimed at maintaining banking system stability.
“Our tagline, ‘Protecting Your Bank Deposits,’ reflects our unwavering commitment to financial inclusion and stability, assuring Nigerians that their savings are secure,” he stated.
The NDIC boss revealed that in 2024, the corporation raised the maximum deposit insurance coverage to N5 million per depositor per bank for Deposit Money Banks, Mobile Money Operators, and Non-Interest Banks.
He further disclosed that depositors in Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks are insured up to N2 million per depositor per bank under the revised framework.
“This expanded coverage protects about 99 per cent of depositors, demonstrating our commitment to safeguarding Nigerians’ savings,” he said.
According to Sunday, in the event of a bank failure, insured depositors receive prompt payment up to the guaranteed limit, while those with balances exceeding the threshold are paid liquidation dividends as the assets of the failed institution are recovered and realised.
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He cited the recent closures of Heritage Bank Limited, Union Homes Plc, and Aso Savings and Loans Plc as evidence of improved payout efficiency. He noted that the corporation leveraged the Bank Verification Number (BVN) system to identify depositors’ alternative accounts and process payments within days.
Sunday advised depositors to ensure their BVNs are correctly linked to their bank accounts and personal records to enable seamless access to insured funds when necessary.
Earlier, the President of KADCCIMA, Alhaji Farouk Suleiman, described the NDIC’s role as crucial, particularly at a time when economic confidence and institutional trust require reinforcement.
“We are pleased to host one of Nigeria’s most critical financial sector institutions—an organisation whose work may operate quietly behind the scenes, yet whose impact is profoundly felt across the economy,” Suleiman said.
He added that NDIC’s participation in the trade fair reflects its dedication to public awareness and stakeholder engagement.
