• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

NDIC gives hope to depositors in event of failure of banks

The Matters Press by The Matters Press
October 26, 2021
Reading Time: 2 mins read
0
NDIC gives hope to customers of Fortis Bank


Mr Bello Hassan, Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), has assured depositors that in the event of failure of a bank, above 97 per cent of depositors would be fully covered by the Corporation.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

Hassan gave the assurance at the 2021 FICAN Workshop organised by NDIC for Finance Correspondents and Business Editors on Tuesday in Gombe.

The workshop, the 19th edition, has “Enduring Extreme Disruption: Resilience and Reinvention for Banking System Stability and Deposit Insurance ” as theme.

Hassan said that the corporation’s total number of accounts in the deposit money banks in 2016, 2017, 2018 and 2019, stood at 83.0 million; 99.1million; 112.0 million and 128.4 million respectively.

According to him, out of these numbers, the N500,000 coverage limit fully covered 99.4per cent; 97.6per cent; 97.5 per cent and 97.6per cent of accounts, respectively.

” What these figures entail is that only less than three per cent of accounts/depositors are not fully covered by the prevailing coverage limits.

“The implication of this is that in the event of failure of a bank, above 97per cent of depositors would be fully covered by the Corporation.

“From the foregoing statistics, it could be observed that the Corporation’s deposit insurance coverage limits are not only adequate but robust enough to engender confidence in our banking system,” he said.

The Managing director said also that the Corporation’s maximum coverage limits remained the most adequate and robust in the world.

“We urge the media through this forum to make Nigerian depositors aware that the NDIC’s maximum coverage limits of N500,000.00 per depositor per commercial, merchant and, non-interest bank, primary mortgage bank and mobile money operator, as well as N200,000.00 per depositor per microfinance bank remain the most adequate and robust in the world.

“I need to reiterate that, as it is today, these limits are not only adequate, they are also consistent with the extant provisions and recommendations of the International Association of Deposit Insurers (IADI) in its Core Principle for Effective Deposit Insurance System on the determination of coverage limits.

“The IADI Core Principle No. 8 on coverage limits specifically requires that the thresholds should be limited, credible with the capacity to fully cover substantial majority of bank depositors while the rest remain exposed to ensure market discipline,” he said.

Besides, Hassan advocated that the corporation be efficiently empowered to be able to recover assets as expeditiously as possible, so they could pay the depositors

“There are a lot of areas that I think the NDIC Act needs to be amended. NDIC, we are liquidators and what happens is that at the point of liquidation, we try to recover the assets, especially the loans and advances that were granted by those banks that are in liquidation.

“One of the challenges that we are facing is slow recovery and if the act is to be amended, I think it is important that the corporation is efficiently empowered to be able to recover those assets as expeditiously as possible so they can pay the depositors,” he maintained.

Tags: DepositorsNDIC
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Buhari returns from Chad, urges action against insurgents

Buhari calls for massive investment to recharge Lake Chad

Nigeria moves to roll out plan to boost livestock

Nigeria moves to roll out plan to boost livestock

Recommended Stories

Nigeria plans to increase petrol pump price despite spike in inflation, unemployment

Long queues resurface in fuel stations as labour embarks on strike

November 15, 2023
NGX, stakeholders set to unfold opportunities in ETFs market

NGX Group records N700m profit before tax

July 29, 2023
Nigeria’s 2023 Halal markets report projects market at $180bn by 2027

Nigeria’s 2023 Halal markets report projects market at $180bn by 2027

April 28, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us