The Nigeria Deposit Insurance Corporation has said that about 99 per cent of depositors in Nigerian banks are fully covered under its enhanced deposit insurance scheme, assuring the public of the safety of their funds.
The Managing Director/Chief Executive of NDIC, Mr Thompson Sunday, disclosed this on Wednesday at the NDIC Special Day at the 47th Kaduna International Trade Fair.
The trade fair, organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture, has as its theme, “From Reforms to Results: Economic Transformation through Sustained Local Content Development.”
Represented by Assistant Director, Communication and Public Affairs Department, Regina Dinlung, Sunday said the theme aligned with ongoing reforms in the financial sector aimed at delivering tangible benefits to Nigerians.
He commended the Kaduna Chamber for sustaining the trade fair over the years, describing it as “a catalyst for innovation, business networking, financial sector sensitisation and investment promotion.”
Highlighting the corporation’s mandate, the NDIC boss said the agency had for over three decades played a critical role in protecting depositors, especially the most vulnerable, against the adverse effects of bank failures.
“Our mandate encompasses deposit guarantee, supervision of insured institutions, distress resolution and the orderly liquidation of failed banks,” he said.
Sunday explained that the NDIC works closely with the Central Bank of Nigeria to strengthen risk-based supervision, resolution planning and inter-agency collaboration to safeguard the banking system.
“Our tagline, ‘Protecting Your Bank Deposits,’ reflects our enduring commitment to financial inclusion and stability, reassuring Nigerians that their savings are safe,” he stated.
He disclosed that in 2024, the corporation increased the maximum deposit insurance coverage to N5m per depositor per bank for Deposit Money Banks, Mobile Money Operators and Non-Interest Banks.
According to him, depositors of Payment Service Banks, Microfinance Banks and Primary Mortgage Banks are insured up to N2m per depositor per bank under the revised structure.
“This expanded coverage protects about 99 per cent of depositors, underscoring our commitment to safeguarding the savings of Nigerians,” Sunday said.
He added that in the event of a bank failure, insured depositors are paid promptly up to the insured limit, while those with balances above the threshold receive liquidation dividends as assets of the failed bank are realised.
The NDIC boss cited the recent closures of Heritage Bank Limited, Union Homes Plc and Aso Savings and Loans Plc as examples of improved payout efficiency, noting that the corporation leveraged the Bank Verification Number to trace alternate accounts of depositors and credit them within days.
“I therefore urge all depositors to ensure that their BVNs are properly linked to their bank accounts and identity records, as this greatly facilitates seamless and timely access to insured deposits,” he said, reiterating the corporation’s commitment to strengthening public confidence and Nigeria’s long-term economic resilience.
Earlier, the President of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture, Alhaji Farouk Suleiman, said the corporation’s role in safeguarding depositors’ funds remained critical, especially at a time when economic confidence and institutional trust were under pressure.
“We are delighted to host one of Nigeria’s most critical financial sector institutions, an institution whose work often operates quietly behind the scenes, yet whose impact is felt profoundly across the economy,” he said.
According to him, NDIC’s participation in the fair underscored its commitment not only to regulation but also to public enlightenment and stakeholder engagement.