Written by:
Thank you for visiting The Vestigator, don't forget to share!
Gbenga Davies During the NDIC special day at the 38th Lagos International Trade Fair on Thursday, November 7, 2024, Mr. Gabriel Idahosa, FCA, president of the Lagos Chamber of Commerce and Industry, stated that the Nigeria Deposit Insurance Corporation (NDIC) is a pillar of stability and confidence in Nigeria’s financial sector.
In his speech, Mr. Bello Hassan, OON, Managing Director/CEO of the Nigeria Deposit Insurance Corporation (NDIC), represented by Director of Communication & Public Affairs Bashiru Nuhu, stated that the NDIC has played a crucial role in maintaining stability over the years by making sure that depositors are promptly compensated in the event of a bank failure.
The Central Bank’s recent decision to revoke Heritage Bank’s operating license on June 3, 2024, and their efforts to reimburse depositors further highlight the organization’s vital role. Additionally, he stated that the company credited insured depositors’ funds straight into their other bank accounts.
Bello Hassan went on to say that since the company’s founding more than 35 years ago, it has played a significant role in safeguarding depositors, particularly the most vulnerable, and bolstering the financial system. Its primary responsibilities include offering deposit insurance to depositors of banks with licenses, overseeing insured financial institutions, resolving distress, and making sure that banks fail in an orderly manner.
He then urged Heritage Bank depositors who have not yet received their money to present their Bvn, identification, evidence of account ownership, and other account information. In his welcome speech, Mr. Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry, emphasized the NDIC’s dedication to protecting all Nigerian deposits in the banking system. He added that the NDIC’s regulatory control deposit has been crucial in preserving stability in the tumultuous economic climate.
The organization’s insurance plan and intervention techniques have helped to avert some of the possible crises that would have caused the financial system to become unstable. Gabriel Idahosa went on to say that the Corporation’s careful oversight of banks, prompt action to de-stress the institution, and unwavering dedication to depositor protection have boosted trust in the banking industry and ensured that banks will continue to serve people and businesses even in unpredictable times.
