I am highly pleased to be here today for the NDIC Special Day at the 43rd Kano International Trade Fair. I am particularly delighted to welcome all our highly distinguished guests, who have over the years been identifying with the Corporation on the platform of this great event in the ancient city of Kano. I like to warmly thank our revered Royal Fathers for your esteemed presence and consistent support for the Corporation through advocacy and sensitization of your subjects. I also like to appreciate other highly valued guests, including representatives of financial institutions; other private sector organisations; government ministries, departments and agencies, co-exhibitors and of course, members of the media. It is gratifying to say that the Board, Management and staff of the Corporation greatly value your collaboration and crave its sustenance.
In addition, I like to congratulate the President, other Executives and entire members of the Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA) on yet another enviable feat that underpins this year’s trade fair. Further to the perfect organization, the Chamber has, once again, demonstrated its commitment to supporting government towards unleashing the nation’s economic potentials through collaboration on key policies and programmes. This is demonstrated in the theme of the Fair: Unlocking AFCFTA for Nigeria Economic Growth and Development”.
It is a delight that this theme equally resonates with the mandate, vision and mission of our Corporation which centres on protecting depositors and contributing to the stability of the financial system. It is no gainsaying the fact that a safe, sound and stable financial system is a pivot on which the wheel of economic growth and development revolves. The NDIC, in collaboration with other safety-net players, will therefore continue to be resolutely committed to keeping the financial system safe and sound, not only to bolster confidence, but to strongly serve its role of intermediation in support of the AFCFTA implementation in particular, and the economy in general.
Distinguished guests, ladies and gentlemen, it may interest you to note that the Corporation has always demonstrated strong and unwavering commitment to its depositor protection mandate through deposit guarantee, banking supervision in collaboration with the Central Bank of Nigeria (CBN), failure resolution and banking liquidation. Accordingly, in line with our public policy objectives of protecting small and less sophisticated depositors, the Corporation has continued to strengthen its consumer protection mechanism towards effective resolution of complaints made to it over transactions with insured institutions.
I am happy to inform you that between January and November 2022, the Corporation has successfully resolved 248 complaints and helped depositors recover over
N8.3billion from their respective banks. The complaints bothered on unauthorized withdrawals, which accounted for the highest number of 190 cases; POS issues which accounted for 33; charges/fees/fraud issues and others which accounted for 25.
The NDIC Complaints resolution platforms which receive and process complaints from depositors include the Toll-Free Help Desk Line (0800 6342 4357); Help Desk Emails: email@example.com; firstname.lastname@example.org; Complaints Desks in the Claims Resolutions Departments: email@example.com; Complaint Desk in Special Insured Institutions Department: firstname.lastname@example.org; the Zonal Offices and our social media handles: @NDICNigeria.
While all our complaint platforms are active and effective, we have observed that over 95, representing 38.3% of total complaints came through our zonal offices, 24% through our Toll-Free Help Desk and 37.7% through our other platforms. However, we like to encourage all depositors and other bank customers to continue to avail themselves of the opportunities provided by ALL our complaint channels towards resolving issues with their insured institutions. We also like to call on depositors of banks in-liquidation to continue to utilize the same platforms to file their claims to the Corporation for reimbursement.
On a final note, I like to, once again, profoundly thank all our distinguished guests for finding time to identify with us on the auspicious occasion of our Special Day today. I respectfully invite you to join in the tour of our Pavilion to further explore our activities, and experience the NDIC hospitality.
I thank you for listening
Managing Director/Chief Executive
Nigeria Deposit Insurance Corporation
Thursday 8th December, 2022.