By Ayomide Otitoju
At the 38th Lagos International Trade Fair, the Nigeria Deposit Insurance Corporation (NDIC) was celebrated for its pivotal role in promoting confidence and stability in Nigeria’s financial sector. Speaking at the NDIC Special Day on November 7, 2024, Mr. Gabriel Idahosa, FCA, President of the Lagos Chamber of Commerce and Industry (LCCI), commended the corporation for its enduring commitment to safeguarding deposits.
Representing the NDIC Managing Director/Chief Executive, Mr. Bello Hassan, OON, Director of Communication and Public Affairs Bashiru Nuhu highlighted the corporation’s role in maintaining financial stability. “Over the years, the NDIC has ensured that, in the event of a bank failure, depositors are promptly compensated,” he said. He referenced the recent revocation of Heritage Bank’s operating license by the Central Bank on June 3, 2024, and praised NDIC’s swift response in reimbursing depositors directly into their alternative bank accounts.
Established over three decades ago, the NDIC remains dedicated to protecting depositors, particularly the most vulnerable. Mr. Hassan noted that the NDIC’s core mandates include providing deposit insurance to licensed banks, supervising insured institutions, resolving distress, and overseeing orderly resolutions in the case of bank failures.
Mr. Hassan also urged depositors of Heritage Bank who have not yet received their payments to come forward with their Bank Verification Number (BVN), proof of account ownership, identification, and alternative account details.
In his remarks, Mr. Idahosa of the LCCI underscored the NDIC’s significant impact on Nigeria’s financial stability. “Through proactive oversight, deposit insurance, and intervention strategies, the NDIC has mitigated crises that could destabilize the financial system,” he said. He commended the corporation’s vigilance in monitoring banks and its dedication to protecting depositors, which has reinforced public confidence in the banking sector.
The NDIC’s efforts, he added, ensure that banks can continue to serve individuals and businesses alike, even amid economic uncertainty.
