NDIC reassures Nigerians on deposit safety at Kano international trade fair
Kola Oyelere Kano
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The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has said that the Corporation continues to work closely with the Central Bank of Nigeria (CBN) to ensure effective supervision of financial institutions and maintain stability in the banking landscape
He then reaffirmed the Corporation’s commitment to protecting depositors and safeguarding the stability of the financial system.
While speaking on behalf of the NDIC executive the deputy director procurement management service department, Mr Kayode Shokunni
made the pledge on Wednesday during the NDIC Special Day at the 46th Kano International Trade Fair.
Speaking on the theme of the fair, “Empowering SMEs for Sustainable Development,” Mr. Sunday described the annual event as a vital platform for innovation, financial literacy, and business growth.
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He commended the Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA) for consistently hosting a fair that drives entrepreneurship and attracts investment to the region.
Mr. Sunday highlighted NDIC’s 37-year track record of securing depositors’ funds and strengthening confidence in the banking system.
According to him, the Corporation continues to work closely with the Central Bank of Nigeria (CBN) to ensure effective supervision of financial institutions and maintain stability in the banking landscape.
Reiterating NDIC’s core mandate, he noted that the Corporation insures deposits in licensed banks, supervises financial institutions, manages distressed banks, and oversees the orderly resolution of failed institutions.
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Their commitment, he said, is encapsulated in the slogan: “Protecting Your Bank Deposits.”
The NDIC boss announced that the Corporation has significantly expanded deposit insurance coverage to protect more Nigerians. Depositors of Deposit Money Banks, Mobile Money Operators, and Non-Interest Banks are now insured up to ₦5 million, while those with Payment Service Banks, Microfinance Banks, and Primary Mortgage Banks enjoy coverage