The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed the stability, safety, and health of Nigerian deposit money banks, urging citizens to continue patronising them without fear.

Bello Hassan, the managing director of NDIC, gave the reassurance during the corporation’s special day at the ongoing 36th Lagos International Trade Fair.

Taking questions from journalists, he said that all banks that had their licences not withdrawn by the Central Bank of Nigeria (CBN) were safe and healthy.

Mr Hassan, represented by Nuhu Bashir, director of communications and public affairs, said that the NDIC was working tirelessly in ensuring continuous safety and soundness in the financial system.

He said that the 2024 theme of the corporation’s special day at the trade fair was “Connecting Businesses, Creating Value”. 

According to him, the theme of the event is to highlight the importance of fostering growth by empowering businesses to innovate, collaborate, and drive wealth creation.

“Aligned with this vision, the NDIC is committed to ensuring a stable financial environment that safeguards depositors and builds public confidence, enabling businesses to thrive and contribute to our nation’s economic development. 

“Established three and half decades ago, the NDIC has been a key player in protecting depositors, especially the most vulnerable, and has contributed to strengthening the financial system,” he said.

He explained the mandate of the corporation and its commitment to safeguarding depositors from the devastating impact of bank failures by working in collaboration with the CBN.

Mr Hassan explained how the oversight and regulatory functions of the NDIC helped in the liquidation of the failed Heritage Bank and the ongoing recovery and refund of depositors’ funds. 

The managing director also explained the approach adopted by the corporation that facilitated the payment of insured guaranteed sums to about 86 per cent of depositors of the failed Heritage Bank.

He advised depositors, yet to receive their payment, to come forward with their BVN, proof of account ownership, identification and an alternative account details.

“Claims can be submitted through various channels including our website, email, and social media platforms,” he said.

Gabriel Idahosa, president, Lagos Chamber of Commerce and Industry (LCCI), said that NDIC had remained effective in its regulatory oversight. 

He said that the corporation had been helpful in maintaining stability within the financial sector.

“The corporation’s vigilant monitoring of banks, proactive intervention in distressed institutions, and ongoing commitment to depositor protection have instilled confidence in the banking sector.

“These ensure that banks can continue to serve businesses and individuals even in uncertain economic times.

“In conclusion, the Nigeria Deposit Insurance Corporation (NDIC) stands as a pillar of stability and confidence within Nigeria’s financial sector.

“Its unwavering commitment to depositor protection and financial stability has been vital in navigating recent economic challenges and safeguarding the integrity of Nigeria’s banks,” he said.

Mr Idahosa commended NDIC’s contributions to a secure and thriving financial environment that empowers businesses, fuels economic growth, and reinforces public trust.

He advised NDIC to continue to evolve in response to the shifting financial landscape, addressing challenges such as digitalisation, rising non-performing loans, and public awareness. 

(NAN)