The Nigeria Deposit Insurance Corporation (NDIC) has once again assured bank customers across the country that their deposits remain secure under its insurance scheme. The corporation's Managing Director and Chief Executive, Thompson Oludare Sunday, gave this reassurance while addressing stakeholders at the 46th Kano International Trade Fair on Wednesday, December 5, 2024.
NDIC's Deposit Insurance Coverage Details
Represented by the Executive Director of Procurement, Shokunbi Kayode, the NDIC boss provided clear details on the current insurance limits. He stated that the corporation insures depositors up to the sum of N5,000,000 for accounts in Deposit Money Banks (DMBs), Mobile Money Operators (MMOs), and Non-Interest Banks (NIBs).
For depositors with Microfinance Banks, Primary Mortgage Banks, and Payment Service Banks, the insured limit is N2,000,000. Sunday emphasized that in the event of a bank failure, which he described as unlikely, depositors would receive these insured sums promptly to protect their finances.
Strengthening Supervision with CBN Collaboration
A key part of the NDIC's strategy to maintain financial system stability is its close working relationship with the Central Bank of Nigeria (CBN). Sunday highlighted that the two institutions are collaborating intensively to ensure effective supervision of all financial institutions operating in Nigeria.
This partnership is designed to maintain stability within the banking landscape and insulate the Nigerian financial system from global economic instabilities. The NDIC is also focused on strengthening regulatory frameworks to ensure full compliance and stability across all deposit-taking institutions.
Preparedness for Bank Recapitalisation and Fraud Warnings
With the March 2026 deadline for bank recapitalisation approaching, the NDIC chief assured that the corporation is prepared to ensure a smooth process. He stated the NDIC stands ready to implement any necessary regulatory interventions to sustain public confidence and overall financial system stability during this period.
Sunday also issued a strong warning to the public, urging depositors to remain vigilant against fraudulent investment schemes. He specifically advised Nigerians to avoid Ponzi schemes and unlicensed investment platforms, stressing that deposits should only be placed in CBN-licensed financial institutions covered by the NDIC's deposit insurance scheme.
During the same event, the Kano State Commissioner for Women Affairs, Amina Sani Abdullahi, commended the Kano Chamber of Commerce, Industry, Mines, and Agriculture (KACCIMA) for the innovations displayed at the trade fair. She noted that the state government's commitment to economic revitalisation is evident through its support for entrepreneurship, investment promotion, and the strengthening of commercial infrastructure across Kano.
