February 4, 2023

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No deposits can be misplaced – NDIC


The Nigeria Deposit Insurance coverage Company (NDIC) has assured financial institution depositors of the protection of their monies in banks even in unlikely occasion of financial institution failure.

Director, Analysis Coverage and Worldwide Relations Division of NDIC, Dr Kabiru Katata, mentioned this in Port Harcourt on the seminar for Finance Correspondents and Enterprise Editors, organized by the NDIC.

Katata mentioned that the Company has a robust security internet system in collaboration with the Central Financial institution of Nigeria (CBN). He described deposit insurance coverage as a security internet instrument utilized by the federal government to make sure the steadiness of the banking system and to guard depositors. In response to him, the Company welcomes complaints of financial institution clients in search of redress in opposition to unfair remedy.

”No CBN, NDIC workers will let you know that any financial institution is having points so, should you hear the rumours, discard them. In an unlikely occasion the place it’s true, it will likely be introduced and be assured that 99.9 per cent of your deposits are protected. On occasion, there is perhaps points however the security internet system is robust. NDIC has its decision energy, CBN have their very own too,” he mentioned. He mentioned that no nation would obtain growth with out the bulk being concerned within the monetary system.

Katata mentioned that with out monetary inclusion, poverty wouldn’t be successfully eradicated from the nation. The director listed some challenges confronted by the Company to incorporate authorized challenges to revocation and liquidation actions and lack of public consciousness of the Deposit Insurance coverage System (DIS). He mentioned that the Company additionally carried out cyber-security examination at the side of the CBN to evaluation the adequacy of data know-how controls put in place by banks. The lecture was titled ‘the Function of the Nigeria Deposit Insurance coverage Company (NDIC).

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