The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr Thompson Oludare Sunday, has restated the Corporation’s unwavering commitment to protecting depositors and strengthening stability within Nigeria’s financial sector.
Speaking through the Deputy Director of the Procurement Management Services Department, Mr Kayode Shokunni, on Wednesday during the NDIC Special Day at the ongoing 46th Kano International Trade Fair, Mr Sunday emphasised that the corporation continues to work closely with the Central Bank of Nigeria (CBN) to ensure effective supervision of financial institutions across the country.
He noted that the annual trade fair, which was held under the theme “Empowering SMEs for Sustainable Development”, remains a critical platform for promoting innovation, boosting financial literacy, and expanding business opportunities for entrepreneurs.
Commending the Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA) for consistently organising a fair that attracts investors and stimulates economic growth, Mr Sunday highlighted NDIC’s 37-year track record of protecting depositors’ funds and bolstering public confidence in the banking system.
He reiterated that the NDIC’s core mandate includes insuring deposits in licensed banks, supervising financial institutions, managing distressed banks, and ensuring the orderly resolution of failed institutions—responsibilities reflected in the Corporation’s slogan, “Protecting Your Bank Deposits.”
Mr Sunday further announced significant improvements in deposit insurance coverage aimed at expanding financial protection for Nigerians.
He revealed that depositors of Deposit Money Banks, Mobile Money Operators, and Non-Interest Banks are now insured up to ₦5 million, while those banking with Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks also enjoy enhanced insurance protection.
The NDIC boss maintained that these reforms underscore the corporation’s resolve to fortify the financial system, promote trust, and support sustainable economic development, particularly for small and medium-scale enterprises that rely on safe and dependable banking services.
Lateefah Ibrahim