The Lagos Chambers of Commerce and Industry, LCCI, has praised the pivotal role played by the Nigeria Deposit Insurance Corporation (NDIC) in Nigeria’s financial system.
The LCCI said that it recognises the organisation’s commitment to safeguarding depositors and strengthening Nigeria’s financial infrastructure.
This is according to the President of the LCCI, Mr. Gabriel Idahosa during the NDIC Special Day event at the ongoing 2024 Lagos International Trade Fair.
Idahosa said “the Nigeria Deposit Insurance Corporation (NDIC) has played a pivotal role in maintaining stability within this turbulent environment.
“Through its regulatory oversight, depositor insurance schemes, and intervention strategies, the NDIC has mitigated some of the potential crises that could have significantly destabilised Nigeria’s financial sector.
“The corporation’s vigilant monitoring of banks, proactive intervention in distressed institutions, and ongoing commitment to depositor protection have instilled confidence in the banking sector, ensuring that banks can continue to serve businesses and individuals even in uncertain economic times”, he said.
He praised the NDIC for standing as a pillar of stability and confidence within Nigeria’s financial sector, saying that the NDIC’s commitment to depositor protection and financial stability has been vital in navigating recent economic challenges and safeguarding the integrity of Nigeria’s banks.
Speaking on behalf of the Managing Director/Chief Executive, NDIC, Mr Bello Hassan, the Director of Communication and Public Affairs, Mr Bashir Nuhu reiterated the Corporation’s commitment to its core mandate.
He said “we remain committed to safeguarding Nigerian bank depositors from the devastating impact of bank failures. In collaboration with the Central Bank of Nigeria (CBN), we work tirelessly in ensuring the stability of the banking sector, maintain compliance to banking regulations and ensure effective oversight of insured deposit-taking financial institutions.”
Mr. Nuhu stated that while the NDIC’s immediate focus remains on insured deposits, it is also committed to ensuring that depositors with balances exceeding N5 million are compensated.
He also spoke on the ongoing efforts on reimbursing depositors after the recent revocation of Heritage Bank’s operating licence by the central bank on June 3rd 2024, saying that this reinforces the corporation’s critical role.
“In this regard, the Corporation has already initiated the process of realising the bank’s assets and recovery of debts owed to ensure the timely payment of the uninsured depositors by way of liquidation dividends.”
Mr. Nuhu then called on depositors of Heritage Bank, who are yet to receive their payments, to come forward with their Bank Verification Number (BVN), proof of account ownership, identification, and alternative account details.
He added that claims can be submitted through various channels, including the NDIC’s website, email, and social media platforms.
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