The Nigeria Deposit Insurance Corporation has reaffirmed its dedication to safeguarding depositors’ funds and upholding financial stability within the nation. During the 46th Kaduna International Trade Fair, the Managing Director of the corporation, Bello Hassan, highlighted its crucial role in protecting bank customers, especially the most vulnerable individuals.
Hassan emphasized the NDIC’s responsibility in insuring deposits in licensed banks, overseeing financial institutions, managing distressed banks, and ensuring smooth resolutions in cases of bank failures. The agency has a history of promptly reimbursing depositors in the event of bank closures, as demonstrated by the swift reimbursement of depositors following the revocation of Heritage Bank’s operating license.
Hassan assured that creditors of failed banks would be compensated once all depositors had been settled. He encouraged Heritage Bank depositors who have not yet received their funds to provide the necessary documentation for quick reimbursement.
The Director-General of the Kaduna Chamber of Commerce, Industry, Mines, and Agriculture, Alhaji Usman Saulawa, praised the NDIC for its efforts in safeguarding the financial sector and encouraged the corporation to maintain its commitment to financial stability and depositor protection.
The NDIC’s involvement in the trade fair aimed to educate the public about deposit insurance and financial inclusion. The trade fair, themed ‘Promoting Efficiency in Manufacturing, Trade, and Agriculture through Digital Transformation’, is anticipated to attract a large number of visitors and exhibitors from both local and international regions.