NDIC covers 99% commercial banks’ deposits – MD 

By Emma Ujah, Abuja Bureau Chief & Favour Isaac 

The Nigeria Deposit Insurance Corporation (NDIC) presently provides afloat security screen for 98.98 percent of Deposit Money Banks’ full deposits.

The Managing Director of the Corporation, Mr. Thompson Sunday, revealed this astatine the NDIC Special Day of the ongoing 20th Abuja International Trade Fair, with the theme, “Sustainability: Consumption, Incentives and Taxation”.

He restated NDIC’s committedness to ensuring fiscal assemblage stability, successful collaboration with the Central Bank of Nigeria (CBN).

In a connection work connected his behalf by the Director of Performance Management, Mrs. Bimpe Akande, the MD said, “Currently, the NDIC insures depositors of Deposit Money Banks (DMBs), Mobile Money Operators and Non-Interest Banks, up to a sum bounds of 5 cardinal naira. Depositors of Payment Service Banks (PSBs), Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) are insured up to 2 cardinal naira. 

“This enhanced sum ensures that astir 98.98% of full depositors successful Deposit Money Banks, 99.27% successful Microfinance Banks, 99.34% successful Primary Mortgage Banks, and 99.99% successful Payment Service Banks are protected, reflecting NDIC’s unwavering committedness to fulfilling its mandate.”

Mr. Sunday added, “We are dedicated to protecting Nigerians’ bank.  In collaboration with the Central Bank of Nigeria (CBN), we strive to support stableness successful the banking sector, enforce compliance with banking regulations, and workout effectual oversight implicit insured deposit-taking institutions. 

“Our mission, embodied successful the tagline ‘Protecting your slope deposits,’ is to beforehand fiscal inclusion and stableness by reassuring Nigerians of the information of their savings.

“Significant advancement has been made successful protecting depositors’ funds, notably done the summation successful the maximum deposit security coverage, which has broadened extortion crossed assorted licensed banks.”

He added that the corp had, implicit 3 decades, played a captious relation successful safeguarding depositors’ funds, peculiarly the astir vulnerable, and fortifying the fiscal system. 

The NDIC brag assured that banks’ depositors had nary crushed to interest astir the information of their funds, arsenic each their claims successful excess of the insured deposits.

He said, “In the lawsuit that a slope fails, depositors with relationship balances exceeding the insured sum bounds person an archetypal outgo up to the maximum insured amount. 

“Their remaining balances are past paid done liquidation dividends. Liquidation dividends notation to payouts made to depositors and creditors from the proceeds generated from the merchantability of a failed bank’s assets and recovered debts during the liquidation process. 

“These dividends are usually paid connected a pro-rata basis, meaning depositors person a proportionate stock of the recovered funds comparative to their outstanding balances beyond the insured limit.”

Ponzi schemes 

Mr. Sunday warned members of the nationalist against patronising Ponzi schemes and different fraudulent concern platforms. 

His words, “I would similar to emphasise the value of Nigerians to stay vigilant against Ponzi schemes and different fraudulent concern platforms. 

“Always guarantee your funds are placed lone successful Central Bank of Nigeria licensed banks, each of which are covered by deposit security provided by the NDIC. This vigilance is important to protecting your hard-earned savings.”

Earlier, the President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu (SAN) commended the corp for providing comfortableness to Nigerian depositors.

He pledged the chamber’s collaboration with the NDIC with a presumption to providing nationalist consciousness connected the harmless deposit of savings successful the country.

“We are pleased to enactment the alignment betwixt this taxable and the mandate of the NDIC, which provides a information nett for depositors, contributes to fiscal strategy stability, and supports assurance successful our banking sector,” the president said.

Chief Obegolu, who was represented by the Director-General of the ACCI, Sir Agabaidu Jidani, said the NDIC was much than a regulator, describing it arsenic “a strategical spouse successful advocacy and economical development.”

He added, “By moving together, we tin physique stronger linkages betwixt fiscal safety, endeavor growth, and nationalist development.

“This ...