The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has reaffirmed the commitment of the NDIC to financial stability in the Nigerian banking sector.
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Speaking at the NDIC Special Day at the 37th Enugu International Trade Fair on Friday, Mr. Sunday, who was represented by Mrs Gimbo Hawa, a Director of the NDIC, disclosed that the Corporation’s current insurance hooks protected approximately 99 per cent of depositors in the country’s banking system
Delivering the address with the theme, “Empowering MSMEs for Global Competitiveness,” Mr. Sunday emphasized that the Corporation remained the bedrock for small businesses by safeguarding their capital against distress in the banking sector.
According to him, the Corporation has proactively enhanced its coverage limits in 2024 to reflect economic realities.
“Currently, depositors of Deposit Money Banks (DMBs), Mobile Money Operators, and Non-Interest Banks are insured up to ₦5 million, while those in Microfinance and Primary Mortgage Banks are covered up to ₦2 million”.
Explaining the “magic” behind the reimbursement process, the NDIC boss clarified that the Corporation does not rely on government’s intervention to pay depositors.
Instead, it utilised the Deposit Insurance Fund (DIF), a pool of resources built from premiums paid by licensed banks.
“This system ensures that the Corporation can respond swiftly without straining the national budget,” he added.
Earlier in his address, the President of the Enugu Chamber of Commerce, Mr Nnanyelugo Onyemelukwe, said that NDIC’s proactive oversight had spared Nigerians the “harrowing experience” of losing their savings, especially during the current period of economic hardship.
Onyemelukwe expressed deep appreciation for the NDIC’s consistent participation in the trade fair, noting that the corporation’s presence has helped bring its vital activities to the “greater purview” of the Nigerian public.
“The NDIC remains a beacon of hope for depositors, acting as a final safety net when financial institutions are mismanaged or forced to close,” he said.
GIK/APA