Depositors of insured commercial banks have been assured that their deposits are fully protected and will be promptly paid in the event of bank failure or liquidation.
The Nigeria Deposit Insurance Corporation (NDIC) Executive Director, Corporate Services, Mrs Emily Osuji, gave the assurance during a Stakeholders’ Town Hall Meeting on customer protection relating to bank charges and deposits, held in Kano.
Mrs Osuji said the corporation remains committed to its statutory mandate of guaranteeing bank deposits, supervising financial institutions for risk, promoting ethical standards, and strengthening financial system stability in Nigeria.
She noted that the NDIC has consistently demonstrated its resolve to safeguard depositors’ funds and sustain public confidence in the banking sector, citing recent cases involving defunct Heritage Bank Limited, Union Homes Plc, and Aso Savings and Loans Plc, where eligible depositors were paid promptly after fulfilling required documentation.
The executive director urged bank customers to ensure their Bank Verification Number (BVN) is properly linked, explaining that the BVN serves as a unique identifier for tracing alternative accounts into which insured deposits are paid.
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According to her, the NDIC’s deposit insurance coverage now protects about 99 per cent of depositors nationwide, a policy designed to shield small savers, promote financial inclusion, and enhance trust in the financial system.
“Our strapline, ‘Protecting your bank deposits!’ reflects a firm commitment to ensuring that depositors have access to their hard-earned savings in the event of bank failure. “In times of financial uncertainty, the NDIC stands as a pillar of safety and reassurance, especially for the most vulnerable depositors,” Osuji said.
She maintained that the corporation carries out its responsibilities through deposit guarantees, bank supervision, distress resolution, and liquidation processes, all aimed at maintaining confidence in the banking system.
Also speaking at the event, the Head of Communication and Public Affairs, Mrs Hawwau Gambo, said sustained stakeholder engagement was necessary to clarify misconceptions, build trust, and reinforce depositor confidence.
Mrs. Gambo explained that the recent revocation of some banks’ operating licences by the Central Bank of Nigeria (CBN), alongside ongoing discussions on banks’ recapitalisation, has heightened public interest and underscored the need for continuous public awareness.
She said that the NDIC’s most recent Public Awareness Survey revealed gaps in public understanding of deposit insurance, prompting the introduction of Stakeholders’ Town Hall Meetings as an interactive platform for dialogue, education, and feedback.
