The Nigeria Deposit Insurance Corporation (NDIC), on Friday, revealed that they had paid a total of N119.101 billion as insured sums to 535,815 depositors, creditors, and shareholders of closed banks as of December 29, 2021.
Managing Director of NDIC, Bello Hassan, further stated during the corporation’s Special Day at the 33rd edition of the Enugu International Trade Fair, that it had paid in full insured and uninsured sums to depositors of 18 banks in liquidation. He added that the corporation has paid a total of N101.117bn as uninsured sums.
According to him, part of the corporation’s principal public policy goals was ensuring financial system stability by minimising the possibility of bank runs and as well, providing protection and reliable insurance to depositors in the event of bank failures.
“The mandate of the NDIC focuses on the protection of depositors, especially small and less sophisticated ones against the risk of bank failure, thereby contributing to the stability of the financial system” he said.
The managing director advised traders and business people to ensure to save their monies in licensed banks where it will be protected by the NDIC.
“The corporation has promptly responded to emerging issues in the emergence of fintech and other forms of digital financial services with a view to extending deposit insurance coverage to new financial services,” Hassan said.
He encouraged the general public to always ensure to promptly report questionable activities by banks to the NDIC and the Central Bank of Nigeria (CBN).