Permit me to express my honour and great pleasure for addressing this distinguished gathering at the Nigeria Deposit Insurance Corporation (NDIC) Special Day at the ongoing 37th Kano International Trade Fair 2016. Let me extend our warm welcome to the distinguished guests, particularly our royal fathers, state government officials, members of the academia organized private sector civil societies, the private sector and of course, the media who have found time to join us at this special occasion.

I wish to commend the efforts of the Kano Chamber of Commerce, Industry, Mines and Agriculture (KCCIMA) for organising another successful trade fair. The theme, “Attracting Entrepreneurs and Investors Towards National Economic Growth” is a clear demonstration of the current efforts of the Federal Government in diversifying the economy to achieve inclusive growth of commerce, industry while encouraging private investment to promote economic growth. These objectives are to drive greater business opportunities, promote financial empowerment, open up other economic avenues for industrial development and most importantly improve employment to uplift the quality of life of Nigerians.

The NDIC is proud to associate with the noble objectives of this year’s trade fair which are also in consonance with its core mandate. As one of the three pillars of financial safety-net, the NDIC has been protecting the interest of depositors by ensuring the safety of bank deposits. This ideal is encapsulated in the Corporation’s strap line: “Protecting your bank deposits!” Therefore, participating at the Kano International Trade Fair provides the NDIC with another unique platform to reach out to its stakeholders. Furthermore, Kano is regarded as the central hub of business activities in Northern Nigeria and beyond so the Kano Trade Fair also provides the platform to enhance public awareness on the mandate and activities of the Corporation to depositors and other stakeholders throughout the entire northern geo-political zone.

It is important to note that the NDIC is a Federal Government agency established by Decree 22 of 1988 now repealed and replaced by NDIC Act 16 of 2006 with core mandate of deposit guarantee, banking supervision, distress resolution and bank liquidation. Since it commenced operations in 1989, the NDIC had been discharging its mandate creditably with wide acknowledgement by key stakeholders. It is apt to reiterate the NDIC’s efforts over the last 27 years was primarily to protect small depositors who have between N1.00 and up to N500,000 in deposit money banks (DMBs) in the event of bank failure. The deposit guarantee therefore, covers over 90% of bank depositors while those whose deposits fall above this limit of coverage are equally entitled to the insured sum with additional collection referred to as liquidation dividend realised from disposal of physical assets and debts recovery.

For further clarity, the maximum deposit insurance coverage (MDIC) per depositor per bank has progressively increased from ₦50,000.00 at inception in 1989 to its current ₦500,000 per depositor per deposit money bank (DMB). Similarly, the insured limit for microfinance banks (MFBs) and primary mortgage banks (PMBs) in 2009 was increased from ₦100,000.00 to ₦200,000.00 per depositor per MFB/PMB in 2010. However, in 2016, there was an upward review of the deposit insured limit for depositors of PMBs to ₦500,000.00 in order to ensure coverage of over 90 percent of depositors in that sub sector.

The Corporation has equally extended deposit insurance coverage to the subscribers of Non-interest banking institutions, under the sharia compliant banking services to the maximum limit of ₦500,000.00 per depositor. In addition, the Corporation had developed framework on Pass-Through Deposit Insurance Scheme (PTDIS) to protect the subscribers of Mobile Money Operators (MMOs) with a maximum insured limit of ₦500,000.00 per subscriber of this banking product.

We are calling on all depositors who lost their money in any closed banks to file their claims through the zonal offices of the Corporation or any of the ten (10) agent banks appointed for the payment across the nation. The appointed agent banks are First Bank of Nigeria, United Bank of Africa, Zenith Bank, Wema Bank, Heritage Bank, Union Bank, Fidelity Bank, Skye Bank, Unity Bank and Diamond Bank.

However, it is worrisome to note that, the activities of the various illegal funds managers otherwise known as “Wonder banks” have become unabated in the recent times. I wish to sound a note of caution to discerning members of the public to beware and avoid any contact with these fraudsters as many unsuspecting public are still falling victims to the mouth-watering offers of hot returns. Members of the public are therefore advised to patronize insured banking institutions that display the NDIC stickers: “Insured by NDIC” in their banking halls or entrances.

The Corporation in collaboration with Bank Customers Association of Nigeria (BCAN) recently organized a town hall meeting in Kano in recognition of the importance of the public awareness in the advocacy and engagement with all stakeholders for purpose of financial education and the role of the NDIC in bank customer’s protection. The Corporation has also intensified its public awareness campaigns to promote the mandate through the TV and radio jingles, print and electronic media, town hall and stakeholder sensitization engagements, advocacy and capacity building initiatives for the media and legal practitioners.

I would also like to inform members of the public that the NDIC has established a Toll free telephone line: 080063424357 which is a 24-hour Help Desk through which depositors and other stakeholders can make enquiries or lay their complaints on any sharp practices perpetrated by their banks and seek redress for purpose of consumer protection. Members of the public can also visit our website: which has been integrated with major social media platforms, including Facebook, Twitter, Instagram, YouTube and LinkedIn.

I will like to use this opportunity to once again express our sympathy to all shop owners, traders and businesses who lost their valuable wares and stock to the fire outbreak at Kasuwan Kurmi, Singer and Sabongari markets. This economic losses underscored the need for our businesses to patronise banks so as to safeguard their funds from losses to fire, theft and armed robbery. We urge them to imbibe banking habits to save their money and stop keeping monies at home. This would enable them benefit from electronic banking services, money transfer services, banking loan facilities and deposit insurance from NDIC.

In conclusion, on behalf of Management and staff of the NDIC, I would like to express my sincere gratitude to the President and other Executive Members of the KCCI, our distinguished guests, particularly our royal fathers and gentlemen of the press who graced this occasion despite their busy schedules. May the Almighty God grant you all journey mercies to your respective destinations.

I thank you all for your attention.

Managing Director/Chief Executive Officer,
Wednesday, November 30, 2016