The Nigeria Deposit Insurance Corporation (NDIC) has strengthened its partnership with the judiciary to enhance the prosecution of failed banks.
The managing director/CEO of NDIC, Bello Hassan, stated this on Monday at the ongoing 19th Abuja International Trade Fair, which has the theme “Mobility: Options for Transport, Trade Finance, and Taxation.”
He said the NDIC’s swift response in the case exemplifies its critical role in maintaining financial stability and protecting depositors from the impacts of bank failures.
NDIC also reaffirmed its dedication to safeguarding Nigerians’ deposits, especially after Heritage Bank closed recently.
Hassan explained that the initiative has allowed the NDIC to successfully compensate 84.98% of depositors with linked accounts, ensuring that insured amounts of up to N5 million were credited without requiring physical visits to NDIC offices.
He said: “The importance of deposit insurance cannot be overstated in a financial system where confidence is essential. It acts as a safety net that reassures depositors, builds trust in the banking system, and helps to prevent bank runs during periods of uncertainty.”
