No Customer Loses Deposits in Failed Banks – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has reassured customers of insured commercial banks that their deposits are safe and will be promptly paid in the event of bank failure or liquidation.

The corporation also reiterated its statutory responsibilities, which include supervising banks for risk assessment, enforcing ethical standards, and promoting overall financial system stability.

NDIC Executive Director, Corporate Services, Mrs. Emily Osuji, gave the assurance at a Stakeholders’ Town Hall Meeting on customer protection, bank charges, and deposits held in Kano. She said the NDIC remains committed to safeguarding the hard-earned savings of Nigerians and maintaining confidence in the banking sector.

Mrs. Osuji cited recent cases involving defunct Heritage Bank Limited, Union Homes Plc, and Aso Savings and Loans Plc, noting that depositors in those institutions were paid promptly after fulfilling the necessary requirements.

She advised bank customers to ensure their Bank Verification Number (BVN) is properly linked, as it serves as a unique identifier for locating alternative accounts into which insured deposits can be transferred.

According to her, NDIC’s expanded coverage now protects about 99 per cent of depositors nationwide, a policy designed to protect small savers, deepen financial inclusion, and strengthen public trust in the banking system.

“The corporation delivers on its mandate through deposit guarantees, bank supervision, distress resolution, and liquidation,” she said. “All these functions are aimed at protecting depositors’ funds and sustaining confidence in the banking industry.”

She added that NDIC’s slogan, “Protecting your bank deposits!”, reflects its unwavering commitment to ensuring depositors can access their funds whenever banks fail, particularly during periods of financial uncertainty.

Also speaking, the Head of Communication and Public Affairs, Hawwau Gambo, said the town hall meetings were organised to clarify misconceptions, build trust, and reinforce depositor confidence.

Gambo explained that recent licence revocations by the Central Bank of Nigeria (CBN) and ongoing discussions around banks’ recapitalisation have made continuous stakeholder engagement more important than ever.

She noted that findings from NDIC’s last Public Awareness Survey revealed the need to strengthen interpersonal communication to improve public understanding of deposit insurance.

“It was against this background that the Stakeholders’ Town Hall Meetings were introduced as an interactive platform for dialogue, education, and feedback,” she said.