1. I am pleased to welcome you all to the Nigeria Deposit Insurance Corporation (NDIC) Special Day at the ongoing 45th Kaduna International Trade Fair. I warmly welcome and heartfelt appreciation to our distinguished guests, royal fathers, government officials, representatives of financial institutions, members of the private sector, academia, civil society groups, and other stakeholders. Your presence here today underscores your high regard for the NDIC and your commitment to the stability of our nation’s financial system.
  2. I want to begin by commending the Kaduna Chamber of Commerce President and the entire team for hosting the 45th edition of the Kaduna International Trade Fair. This year’s theme, “Sustaining Economic Recovery through Deepening Local Content Value Chain”, falls in line with the Corporation’s mandate and public policy objective of ensuring the stability of the financial system in order to provide the necessary support to economic recovery efforts of governments, business entities and concerns.
  3. Indeed, our priority at NDIC is the protection of Nigerian depositors. We are dedicated to safeguarding depositors’ funds from the adverse effects of bank failure and complementing the Central Bank of Nigeria (CBN) in effectively supervising insured deposit-taking financial institutions and formulating sound banking policies. This commitment is encapsulated in our strapline: “…Protecting your bank deposits”, ensuring financial stability and inclusion by assuring Nigerians that their money is safe and accessible when needed.
  4. Distinguished guests, ladies and gentlemen, it is reassuring for me to seize this opportunity to announce to depositors in licensed banks that the NDIC has significantly improved its processes to ensure swift payment of insured sums to depositors in the event of or in the course of bank failure, we address depositors’ concerns and effect payment. This aligns with our commitment to deliver on our mandate with renewed passion and greater vigour.
  5. In doing so, the Corporation has introduced the Single Customer View (SCV) framework to expedite payment to depositors of closed banks. The Corporation has enhanced collaboration with the judiciary for speedy prosecution of failed insured institutions. This concerted effort has resulted in resolving long-drawn cases of closed banks such as Fortune and Triumph Banks in liquidation. Moreover, we have utilised Alternative Dispute Resolution (ADR) mechanisms and out-of-court settlements, revitalising our liquidation activities. These efforts have significantly improved our debt recovery rate, enabling us to declare 100 per cent liquidation dividends to uninsured depositors of more than 20 deposit money banks in liquidation.
  6. Most Importantly, we continually strengthen our systems, processes, and procedures to enhance transparency and accountability across our operations. Notably, the Corporation achieved remarkable success in reimbursing depositors during the recent closure of 179 Microfinance Banks (MFBs) and 4 Primary Mortgage Banks (PMBs), ensuring timely payment of insured sums. We also deployed digital remote payment strategies to facilitate electronic funds transfers to verified depositors’ alternate bank accounts. It is essential to emphasize that payments are ongoing, with depositors holding funds exceeding the insured limit set to receive liquidation dividends following debt recovery and asset sales.
  7. To address apathy among depositors with small balances, we launched the “Deposit Tracer” initiative in partnership with a Mobile Money Operator (MMO), enabling depositors to access their unpaid balances through mobile accounts. Furthermore, we have deployed a mobile application and updated our website for online claims processing, offering depositors the option of virtual verification during payout exercises. I urge depositors of banks in liquidation to utilise these initiatives to claim their funds trapped in closed banks. Rest assured, NDIC remains committed to protecting Nigerian depositors and striving to be one of the best deposit insurers globally.
  8. Distinguished ladies and gentlemen, I encourage you to visit the NDIC pavilion, where our experienced and dedicated staff are available to address inquiries and clarify deposit insurance practices. A helpdesk is also set up for depositors of failed banks to learn how to access their deposits and process claims.
  9. Again, I thank our distinguished guests for their attendance and wish you all a safe journey back to your destinations.

Thank you for your attention.

Managing Director/Chief Executive
Nigeria Deposit Insurance Corporation
Thursday 29th February, 2024