- It is with great pleasure and pride that I welcome you all to the Nigeria Deposit Insurance Corporation (NDIC) Special Day at the ongoing 18th Abuja International Trade Fair 2023. Let me specially welcome and appreciate all our distinguished guests and royal fathers here present, government officials, representatives of financial institutions, the private sector, members of the academia, gentlemen of the press, civil society groups as well as other stakeholders for availing themselves out of their very tight schedules. Your presence here reflects the high regard you have for the NDIC and your commitment to the stability of our nation’s financial system.
- I want to begin by commending the President and indeed the entire team at the Abuja Chambers of Commerce for hosting the 18th edition of the Abuja International Trade Fair. This year’s theme, “Sustainable Financing and Taxation as Drivers for the New Economy,” is especially relevant given the determination of government’s efforts towards achieving sustainable growth by strengthening the financial environment to boost economic growth. This falls in line with the Corporation’s contributions of ensuring the stability of the financial system by effectively complimenting the CBN in supervising the banking sector and safeguarding depositors’ funds from the adverse effects of bank failures when it occurs.
- Indeed, Nigerian depositors are our priority and our foundation is built on ensuring the safety and security of their deposits. This ideal is encapsulated in our strap line; “Protecting your bank deposits!”. This is crucial for financial inclusion because it gives Nigerians the assurance that their money is safe and accessible when needed. Furthermore, the Corporation’s activities through the supervision of banks, continuous monitoring and oversight serves as consumer protection for depositors which enhances confidence in the financial system. This acts as an incentive for the unbanked to access financial services of licensed banks.
- Ladies and gentlemen please permit me to reiterate the key mandate of the Corporation which is to provide deposit guarantee to depositors of insured financial institutions, bank supervision, distress resolution, and bank liquidation. Over the years, we have grown stronger in fulfilling these responsibilities and have significantly enhanced our public policy objectives of establishing a robust deposit insurance scheme in Nigeria.
- Recently, following the revocation of licenses for 179 Microfinance Banks and 4 Primary Mortgage Banks by the Central Bank of Nigeria (CBN), the NDIC immediately commenced liquidation of the banks and began disbursing insured sums to depositors within just 7 days of the closure of these banks.It’s important to note that as at 22nd September 2023, the Corporation had paid a cumulative insured sum of N1.084 billion naira to 29,573 depositors of the closed MFBs/MPBs. It is however instructive to let you know that payments are still ongoing and depositors with funds exceeding the insured limit will receive liquidation dividends after recovery of debts and sale of physical assets of the closed banks.
- Currently, the Corporation is in the process of verifying and paying liquidation dividends to depositors and stakeholders of 20 closed banks: They are Allied Bank, Peak Merchant Bank, Commerce Bank, Continental Merchant Bank, Financial Merchant Bank, Fortune Bank, Gulf Bank, Hallmark Bank, Icon Merchant Bank, Liberty Bank, Nigeria Merchant Bank, North South Bank, Premier Commercial Bank, Prime Merchant Bank, Progress Bank and Merchant Bank. Eligible parties can visit our website for more information and download verification forms at, www.ndic.gov.ng and submit them to firstname.lastname@example.org.
- We at the NDIC hold the strong view that “Knowledge is Power”, and we believe that an informed depositor can make better financial decisions. I urge the public to be cautious of illegal fund managers, often referred to as “Wonder Banks” or “Ponzi Schemes.” These entities offer high-interest rates and profits that are too good to be true, leading to devastating losses for many. It’s important to note that these “wonder banks” are neither licensed by the Central Bank of Nigeria nor covered by the NDIC deposit insurance scheme. Members of the public are therefore advised to patronize only banking institutions with a display of the NDIC Stickers carrying the words: “Insured by NDIC” in their banking halls or entrances and various branches across the country.
- Distinguished Ladies and gentlemen, I encourage you all to visit the NDIC pavilion where our experienced staff will be on ground to address enquiries and also clarify issues about the operations of the deposit insurance. A helpdesk has also been set up at the stand where depositors of failed banks can find out where and how to access their deposits as well as process their claims.
- In addition, the Corporation operates a robust 24-hour Help Desk with a Toll Free telephone line number 080063424357 for further information, enquiries on depositors’ claims settlement and complaints on sharp practices by their banks. The general public can also access our website on www.ndic.gov.ng as well as our various social media platforms on Facebook, Twitter, Instagram, YouTube and LinkedIn.
- In conclusion, I would like to express my sincere gratitude to the President and other Executive Members of the Abuja Chamber of Commerce, our royal fathers, and other distinguished guests who took time out of their busy schedules to be here today. I wish you all a safe return to your respective destinations.
Thank you for your attention.
MANAGING DIRECTOR/CHIEF EXECUTIVE
NIGERIA DEPOSIT INSURANCE CORPORATION