NDIC commits to stable financial environment

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The Nigerian Deposit Insurance Corporation (NDIC) has said it is committed to ensuring a stable financial environment that safeguards depositors and builds public confidence, enabling businesses to thrive and contribute to the nation’s economic development.

Speaking during the NDIC special day at the ongoing 46th Kaduna International Trade Fair, the Managing Director/Chief Executive, NDIC, Bello Hassan described the trade fair as a crucial platform for showcasing innovation, driving economic growth, promoting trade, and attracting investment. 

Represented by the Controller, Kano Zonal Office, Alhaji Ahmed Umar, the MD noted that NDIC has consistently played a crucial role in maintaining financial stability by ensuring depositors receive prompt compensation when banks fail. 

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“A recent example is the revocation of Heritage Bank’s operating license on June 3, 2024, where the NDIC reimbursed depositors within four days using their Bank Verification Numbers (BVN). This swift action has enabled the payment of insured amounts to all depositors other than those with no alternate accounts in other banks or those depositors whose accounts have post no debits (PND) instructions or have no BVN. 

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“These categories of depositors are being contacted by the Corporation through telephone calls and text messages to come forward for verification.”