The Nigeria Insurance Deposit Corporation (NDIC) has guaranteed customers of insured commercial banks prompt recovery of their deposits in the event of risk liability or liquidation.

In addition, the corporation assured depositors of its statutory mandate, which includes supervising banks for risk assessment, ensuring ethical standards, and enhancing financial stability in the country.

NDIC Executive Director, Corporate

Services, Mrs Emily Osuji, gave the assurance during a Stakeholders Town Hall Meeting on customer protection regarding bank charges and deposits in Kano.

Mrs Osuji posited that the NDIC has, in recent times, demonstrated a strong commitment to protecting the hard-earned savings of Nigerians and sustaining confidence in the banking system. She cited the cases of defunct Heritage Bank Limited, Union Homes Plc and Aso Savings and Loans Plc, where depositors received their deposits promptly after meeting the relevant requirements.

The NDIC boss, however, reminded customers to link their Bank Verification Number (BVN) as a unique identifier to locate their alternate accounts, where their claims will be transferred.The executive director affirmed that NDIC has expanded coverage to protect about 99 per cent of depositors in Nigeria, a deliberate policy aimed at protecting small savers, promoting financial inclusion, and enhancing trust in the banking sector.

She said, “The corporation fulfils its role through its core mandates of deposit guarantee, bank supervision, distress resolution and bank liquidation, all of which are geared towards protecting the hard-earned savings of Nigerians and sustaining confidence in the banking system.

“Our strapline, ‘Protecting your bank deposits!’, is more than mere words for us. We stand by this statement as a firm commitment to our mandate of ensuring that depositors have access to their hard-earned savings in the event of bank failure.

“This is a critical responsibility that we do not take lightly. This is especially so in times of financial uncertainty and distress, with the NDIC standing as a pillar of safety and reassurance for depositors, particularly the most vulnerable.”

Speaking on the concept of stakeholder engagement, the head of Communication and Public Affairs, Hawwau Gambo, said the corporation was compelled to provide clarity, build trust and strengthen depositor confidence amid misconceptions.Gambo noted that the recent revocation of the operating licences of some banks by the Central Bank of Nigeria, CBN and the current public discourse on banks’ recapitalisation efforts have reinforced the need for sustained stakeholder engagement.

She reminded that sustained awareness is pertinent to dust, given already heightened public interest and featured public confidence in the financial institutions.

“NDIC’s last Public Awareness Survey highlighted the need to enhance interpersonal communication channels to improve public understanding of deposit insurance. It is against this backdrop that the Stakeholders’ Town Hall Meetings were conceived as a structured, interactive platform for dialogue, education and feedback,” Gambo noted. (The Guardian)