The Nigeria Deposit Insurance Corporation (NDIC) has said it was committed to promoting stability in the nation’s banking industry by ensuring that depositors “are promptly compensated when a bank fails in its obligations to its customers.”
The Managing Director of the Corporation, Bello Hassan, who disclosed this during the NDIC’s special day at the on-going 38th Lagos International Trade Fair, said the Corporation remained committed to “safeguarding Nigerian bank depositors from the devastating impact of bank failures.”
Hassan, who was represented by the Director, Communication and Public Affairs Department of NDIC, Bashir Nuhu, noted that after the revocation of a commercial bank operating licence by the Central Bank of Nigeria (CBN) in June last year, NDIC was able to credit depositors with the insured amount directly into their alternative bank account using bank verification numbers (BVN).
Hassan, who maintained that the Corporation had been able to intervene in some perceived failed banks in order to save the depositors’ funds, said NDIC was committed to ensuring that depositors with balances exceeding N5 million were compensated.
He said “in this regard, the Corporation has already initiated the process of realising the bank’s assets and recovery of debts owed to ensure the timely payment of uninsured depositors’ by way of liquidations.”
He said NDIC responsibilities extended to the creditors of defunct banks who would receive payments once all the depositors had been reimbursed.
He encouraged depositors of Heritage Bank yet to receive their payments to “come forward” with their BVNs, proof of account ownership, identification and alternative account details to claim their deposits.
On his part, the president of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, implored small businesses to bank with registered commercial banks in order to ensure that their deposits were intact.
