Keynote Address by the Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, on the Occasion of NDIC’s Special Day at the 21st Abuja International Trade Fair, Wednesday, 30th September 2026

It is my great pleasure to welcome our distinguished guests to the NDIC Special Day at the 21st Abuja International Trade Fair, organised by the Abuja Chamber of Commerce, Industry, Mines and Agriculture.

Let me, at the outset, commend the Chamber for sustaining this important platform for 21 consecutive years.

The theme of this year’s Fair, “Resilience: Trade, Taxation and the Economy,” is both timely and strategic. It speaks directly to the realities of an economy undergoing profound transformation through bold reforms aimed at building a stronger, more resilient and productive economic structure, in line with the Federal Government’s vision of a $1 trillion economy by 2030.

Distinguished guests, ladies and gentlemen, for over three decades, the Nigeria Deposit Insurance Corporation has remained a critical pillar of Nigeria’s financial safety-net architecture. Through our mandate of deposit guarantee, bank supervision in collaboration with the Central Bank of Nigeria, failure resolution and bank liquidation, the NDIC has worked to ensure that the banking system remains safe, sound and resilient. These responsibilities have direct bearing on the resilience of the nation’s economy as every thriving business needs a trusted financial system that can safeguard its working capital, facilitate payments and support access to credit for investment and expansion. This is where the NDIC comes in.

To strengthen confidence in the banking system, the Corporation enhanced its deposit insurance coverage in 2024 with the maximum insured limit increased to ₦5 million per depositor per Deposit Money Bank (DMB) and Mobile Money Operator (MMO), and ₦2 million per depositor per Microfinance Bank (MFB), Primary Mortgage Bank (PMB) and Payment Service Bank (PSB). This significant enhancement provides full coverage for over 98 percent of depositors across the insured institutions, thereby protecting households, small businesses and other vulnerable depositors from the immediate consequences of bank failure.

For depositors whose balances exceed the insured limits, the NDIC continues to pay liquidation dividends from recoveries realised through the recovery of debts owed to the failed institutions as well as the disposal of their physical assets. Our objective is straightforward: no depositor should lose confidence in the banking system merely because an insured institution has failed.

We are also transforming the way depositors are reimbursed. Through the deployment of technology, including the Bank Verification Number (BVN), Single Customer View (SCV), NIBSS infrastructure and other digital solutions, the Corporation has moved from cumbersome, manual processes towards faster and seamless reimbursement. Today, verified depositors of failed banks receive their insured deposits within days of bank closure.

Indeed, the NDIC has positioned itself to serve as not merely a payer of claims after bank failure, but as a Risk Minimizer. One that identifies vulnerabilities early, strengthens safeguards and works to prevent institutional problems from escalating into systemic crises.

Accordingly, the Corporation has continued to re-set and strengthen its institutional framework in line with global best practices. These initiatives include the deployment of Risk-Based Supervision (RBS), an enhanced Differential Premium Assessment System (DPAS), the Single Customer View (SCV) Framework, a full Distress Resolution suites, and the Bank Liquidation Management System (BLMS), alongside stronger inter-agency collaboration, particularly with the Central Bank of Nigeria and other members of the financial safety net architecture.

It is against this backdrop that I wish to seize this opportunity to make a simple but important appeal to Nigerians. Please, keep your money in licensed and regulated financial institutions.

There are still Nigerians who keep substantial funds outside the formal banking system or entrust their savings to unlicensed fund managers, attracted by promises of extraordinary and unrealistic returns. Please note that the consequences of this can be devastating.

The proliferation and collapse of Ponzi schemes have demonstrated, time and again, the enormous financial and emotional cost of placing hard-earned resources in unregulated schemes. If an investment promise sounds too good to be true, Nigerians should pause, ask questions and verify before committing their money.

Still as part of our commitment to making depositor protection more accessible, transparent and convenient, the Corporation launched an upgraded website on 19 September 2026. I encourage us to visit the new www.ndic.gov.ng, which is designed as a one-stop digital gateway for depositors and other stakeholders. It prominently displays the enhanced deposit insurance coverage limits, incorporates automated features for claims processing, and provides an upgraded directory for checking institutions insured by the NDIC. It also features a one-click Quick Action Bar, giving users direct access to our four key services: File Claim; Check Banks; Report Failed Bank; and FAQs. In addition, the website incorporates an AI-powered virtual assistant to improve user interaction and provide faster access to information.

This is more than a website upgrade. It is another step in our journey towards a more accessible, responsive and technology-driven NDIC. We encourage depositors, creditors and shareholders of closed banks to make full use of our digital platforms when processing their claims.

Depositors can also help to accelerate reimbursement by ensuring that their account information is accurate and consistent across banks and properly linked to their BVNs. With the deployment of technology, depositors no longer need to endure the inconvenience of visiting failed bank premises or NDIC offices for routine physical verification or carrying large volumes of documents from one location to another.

However, technology and regulation alone cannot guarantee financial security. Financial literacy is the first line of defence for every depositor and business owner.

I therefore encourage businesses and members of the public to strengthen their financial literacy, embrace digital financial services responsibly, maintain sound financial practices and engage with relevant regulatory institutions whenever they require guidance. The more informed the public becomes, the stronger our collective capacity to build a resilient financial system.

Distinguished guests, ladies and gentlemen, I invite you to visit the NDIC Pavilion, where our officials are on hand to provide information on deposit insurance, depositor protection, claims processing, financial literacy and other services of the Corporation.

On behalf of the Board, Management and staff of the Nigeria Deposit Insurance Corporation, I congratulate the Executive and members of the Abuja Chamber of Commerce, Industry, Mines and Agriculture on the successful hosting of the 21st Abuja International Trade Fair. I also express our sincere appreciation to our revered Royal Fathers, distinguished guests, exhibitors, participants and members of the media for honouring our invitation and joining us on this special occasion.

I thank you.

Thompson Oludare Sunday

Managing Director/Chief Executive, NDIC

September 30, 2026