The NDIC Has Paid N11.76 Billion To 535, 815 Depositors Of Closed Banks

From 1989 to June 20, 2021, the Nigerian Depositors Insurance Corporation (NDIC) paid a total of N11.76 billion as insured sum to 535,815 depositors, while N101.666 billion was also paid as uninsured sum. Mr. Bello Hassan, Managing Director/CEO, made the announcement at the ongoing Edo International Trade Fair in Benin City, Edo State. Hassan, who was represented by the Corporation Senior Manager, Benin Zone, Mr. Udofor Ukpom, stated that the NDIC has been protecting depositors since its inception in 1989 as a statutory agency of government with four broad mandates, by providing an orderly means of resolution and reimbursement in […]



The NDIC Insures 98 Percent Of Bank Depositors’ Funds

According to the Nigeria Deposit Insurance Corporation (NDIC), more than 97.6% of account holders are completely covered by the N500,000 insurance limit. Mr. Bello Hassan, managing director, and chief executive of the NDIC, made the announcement on Tuesday at the opening ceremony of the 18th edition of the workshop for business editors and the Finance Correspondents Association of Nigeria (FICAN), themed “Enduring Extreme Disruptions: Resilience & Reinvention for Banking System Stability & Deposit Insurance” in Gombe. “In 2016, 2017, 2018, and 2019, the total number of accounts in deposit money banks stood at 83 million, 99.1 million, 112 million, and[…]



The National Deposit Insurance Corporation (NDIC) Has Issued A Public Service Announcement Warning Bank Customers Against Ponzi Schemes

Nigeria’s Deposit Insurance Corporation (NDIC) has issued a warning to bank depositors about the dangers of Ponzi schemes. Mr. Bello Hassan, the NDIC’s Managing Director, revealed this information. According to a press release from the fair’s organizers, he made the announcement while speaking at the Abuja International Trade Fair now taking place. “I would also like to serve a word of caution against patronizing unscrupulous services of Ponzi schemes and illegal fund managers, otherwise known as ‘wonder banks,’ who pose as deposit-taking institutions to defraud the public of their hard-earned funds,” said the NDIC MD, who was represented by the[…]