Bank Collapse: NDIC says Nigerians’ deposits are safe

NDIC has assured bank customers of the safety of their money against any bank failures.

News Agency of Nigeria • March 31, 2023

Crowd at a bank used to illustrate the story

The Nigeria Deposit Insurance Corporation (NDIC) on Thursday in Enugu assured depositors of the safety of their money against any bank failures.

The assurance was given by the senior manager of the Enugu zonal office of NDIC, Othman Afolayan, who represented the managing director, Bello Hassan, at the NDIC Day at the ongoing 34th Enugu International Trade Fair.

He said the corporation was determined to enhance public confidence in the financial system by ensuring that customers’ bank deposits were protected.

He explained that the NDIC and the CBN supervised money deposit banks to ensure their safe and efficient running.

This, he added, was done in line with extant laws and regulations and ensuring the resolution of distress in banks to reduce instances of failure.

“We are at the trade fair to showcase the mandate and activities of the NDIC, particularly our contributions to the stability of the country’s financial system. We want the general public to know and reflect always that their deposits are safe and that in the unusual event of a bank failure, the NDIC is here to protect them, especially the small savers,’’ he said.

However, he advised depositors to ensure that their phones have strong passwords and avoid sharing their bank mobile app passwords with third parties.

Jasper Nduagwuike, the president of the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), organisers of the trade fair, commended NDIC for its continued support for the fair in the last 12 years.

The first deputy president of ECCIMA, Odega Jideonwu, represented him.

“We are very pleased with the opportunity NDIC has offered today to enable us to interact, exchange views and learn more about their activities. Permit me to use this opportunity to encourage the CBN, through its regulatory framework, to make the work of NDIC much easier by ensuring that the chances of bank failures are reduced to the barest minimum,” stated Mr Nduagwuike.

He added, “CBN should also guard against depositors going through harrowing experiences, particularly in this period of excruciating hardship.”

(NAN)

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