The Nigeria Deposit Insurance Corporation (NDIC) has reassured customers of insured commercial banks that their deposits are safe and will be promptly recovered in the event of bank failures or liquidation.
NDIC Executive Director, Corporate Services, Mrs. Emily Osuji, made the assurance during a Stakeholders’ Town Hall Meeting in Kano, emphasizing the corporation’s statutory mandate to supervise banks, assess risk, uphold ethical standards, and maintain financial stability.
Highlighting the agency’s track record, Mrs. Osuji cited cases such as the liquidation of Heritage Bank Limited, Union Homes Plc, and Aso Savings and Loans Plc, where depositors received their funds promptly upon fulfilling the required procedures.
She also urged customers to link their Bank Verification Numbers (BVN) to ensure seamless access to their alternate accounts for claims.
The executive director further stated that NDIC now protects approximately 99 per cent of depositors in Nigeria, a policy designed to safeguard small savers, promote financial inclusion, and reinforce trust in the banking sector.
“Our strapline, ‘Protecting your bank deposits!’, is a firm commitment,” Mrs. Osuji said.
“We ensure that depositors have access to their savings, particularly during times of financial uncertainty. NDIC stands as a pillar of safety and reassurance for all Nigerians.”
Hawwau Gambo, Head of Communication and Public Affairs at NDIC, explained that the town hall meetings aim to clarify misconceptions, build trust, and strengthen public confidence, especially amid recent revocations of bank licenses by the Central Bank of Nigeria (CBN) and discussions on bank recapitalisation.
“These engagements provide an interactive platform for education, feedback, and dialogue,” Gambo said, noting that sustained public awareness is key to reinforcing depositor confidence and understanding of deposit insurance across the country.
