Writing By Teddy Daniel; Editing By Yusuf Zubairu
The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation, NDIC, Mr. Thompson Oludare Sunday, has reaffirmed the Corporation’s commitment to protecting depositors’ funds and strengthening Nigeria’s financial system.
Mr. Sunday gave the assurance at the NDIC Special Day of the 47th Kaduna International Trade Fair, held in Kaduna.
The NDIC boss said the theme of this year’s Trade Fair, “From Reforms to Results: Economic Transformation through Sustained Local Content Development,” aligns with ongoing efforts to translate economic reforms into tangible benefits for citizens, businesses and investors.
He commended the Kaduna Chamber of Commerce, Industry, Mines and Agriculture for sustaining the Trade Fair over the years, describing it as a platform for innovation, investment promotion and financial sector sensitization.
Mr. Sunday explained that for over three decades, the NDIC has played a vital role in safeguarding depositors assets, especially the most vulnerable, against losses arising from bank failures.
He said the Corporation provides deposit insurance coverage, supervises insured institutions, resolves distressed banks and liquidates failed banks in collaboration with the Central Bank of Nigeria.
According to him, depositors of Deposit Money Banks, Mobile Money Operators and Non-Interest Banks are now insured up to five million naira, while depositors of Payment Service Banks, Microfinance Banks and Primary Mortgage Banks are covered up to two million naira.
He noted that the expanded coverage protects about 99 percent of depositors nationwide.
Mr. Sunday explained that in the event of bank failure, insured depositors are paid promptly up to the insured limit, while those with balances above the limit receive liquidation dividends as assets are recovered.
He cited the prompt payment of depositors of the defunct Heritage Bank Limited, Union Homes Plc and Aso Savings and Loans Plc as evidence of improved payout processes.
The NDIC boss said the Corporation used depositors’ Bank Verification Numbers, BVN, to trace alternate accounts and transfer insured sums within days of the banks’ closure.
He urged depositors to ensure their BVNs are properly linked to their accounts to facilitate seamless access to insured funds where necessary.
Mr. Sunday reaffirmed the Corporation’s commitment to building a responsive, technology-driven and citizen-focused deposit insurance system that promotes financial stability and economic resilience.
In a remark, the President of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture, KADCCIMA, described the Nigeria Deposit Insurance Corporation, NDIC, as a critical pillar in Nigeria’s financial system.
He said NDIC’s presence at the 47th Kaduna International Trade Fair was timely, especially at a period when economic confidence and financial stability remain vital to national development.
The KADCCIMA President commended the Corporation for protecting depositors’ funds, ensuring orderly resolution of failed banks, and strengthening public trust.
He noted that nearly ninety-nine percent of depositors are fully insured under the revised coverage framework, describing the development as a major boost to financial inclusion.
The Chamber also called for deeper collaboration between NDIC and the organised private sector to extend deposit insurance awareness to micro, small and medium enterprises, as well as operators in the informal sector.
He reaffirmed KADCCIMA’s commitment to promoting financial literacy, responsible enterprise, and partnership with regulators to strengthen Nigeria’s economy.
