By Chioma Promise Garba
Mr. Thompson Oludare Sunday, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), has reiterated the corporation’s commitment to protecting depositors’ funds and maintaining stability in the banking sector.
Speaking at the NDIC’s Special Day at the 20th Abuja International Trade Fair, Sunday emphasized the importance of vigilance against Ponzi schemes and fraudulent investment platforms.
“We are dedicated to protecting Nigerians’ bank deposits and promoting financial inclusion and stability by reassuring Nigerians of the security of their savings”, the MD/CEO, NDIC stated.
Represented by the Director of Performance Management, Mrs Olaienpe Akande, he disclosed that the NDIC insures depositors of Deposit Money Banks (DMBs) up to ₦5 million and depositors of Payment Service Banks (PSBs), Microfinance Banks (MFBs), and Primary Mortgage Banks (PMBs) up to ₦2 million.
Also, speaking during the event, Chief Emeka Obegolu, President, Abuja Chamber of Commerce and Industry (ACCI), praised the NDIC as more than a regulator, describing it as a strategic partner critical to advocating for economic development and fostering financial system resilience.
Represented by Agaba Idu, the Director-General ACCI, the President stressed that the NDIC’s mandate of deposit guarantee, banking supervision, failure resolution, and bank liquidation remains a cornerstone of Nigeria’s financial ecosystem, essential for protecting depositors and maintaining confidence in the banking system.
He highlighted the Corporation’s extension of deposit insurance coverage beyond traditional deposit money banks to include microfinance banks, mortgage banks, non-interest banks, payment service banks, and mobile money operators as a transformative response to Nigeria’s evolving financial landscape.
The ACCI President encouraged attendees to actively engage with the NDIC at the trade fair to understand and benefit from the corporation’s deposit insurance schemes and consumer protection services.
He expressed optimism that the strong partnership between NDIC and ACCI would continue to strengthen Nigeria’s financial stability and economic competitiveness.
The celebration at the Abuja International Trade Fair underscored the NDIC’s ongoing commitment to safeguarding depositors, supporting business growth, and contributing to a sound financial environment vital for sustainable national development.
Particular commendation was given to the NDIC’s forward-thinking efforts in expanding financial inclusion.
