Nigeria Deposit Insurance Corporation (NDIC) has pledged to continue to collaborate with the Central Bank of Nigeria (CBN) to ensure the resilience and stability of the Nigerian banking sector.
The Managing Director/Chief Executive of NDIC, Mr Bello Hassan who was represented by the Zonal Controller, Mrs Pamela Roberts, stated this on Friday during the NDIC special day at the 35th Enugu International Trade Fair.
He said “In light of the ongoing global economic dynamics, the Central Bank of Nigeria (CBN) has stepped up regulatory efforts to ensure the resilience and stability of the Nigerian banking sector. A significant stride in this direction is the revision and pegging of higher minimum capital requirements for banks operating in Nigeria.
“Under this proposal, commercial banks would be required to maintain minimum capital levels of N500 billion, N200 billion, and N50 billion for International, national, and regional institutions, as well as N50 billion for merchant banks while national and regional non-interest banks are required to maintain N20 billion and N10 billion respectively.
“This strategic recapitalization initiative is in line with President Bola Ahmed Tinubu’s administration urge to grow Nigeria’s economy to the ranks of $1 Trillion base economies. This will not only strengthen the banking system but would also enhance the sector’s ability to withstand financial shocks.
“As ever NDIC will continue to collaborate with the CBN in ensuring a seamless transition while safeguarding depositors interest,” he said
Mr Hassan stated further that the NDIC has been unwavering in its commitment to promptly reimburse depositors affected by bank failures noting “Since the Central Bank of Nigeria (CBN) revoked the licenses of 179 Microfinance Banks and 4 Primary Mortgage Banks in 2023, the NDIC has continued to efficiently disburse insured sums to verified depositors of these closed institutions.
He said “Notably, depositors who have undergone verification and have provided alternative account details have received their payments seamlessly within a record period of 5 working days.
“While It’s worth noting that depositors with amounts exceeding the insured limit will receive liquidation dividends once debts are recovered and assets of the closed banks are Disposed. Moreover, the NDIC strongly encourages depositors of the affected banks to come forward with their Bank Verification Number (BVN), proof of account ownership, proper identification, and/or alternative account details. Various channels are
available for claims, including visiting nearest NDIC offices in person,” he said
The NDIC boss thereby congratulates the President and indeed the entire team of the Enugu Chamber of Commerce for the successful hosting of this year edition of the trade fair.
Earlier, ECCIMA President Sir Odeiga Jideonwo says NDIC remains a great confidence back up for Nigerian teeming depositors who had hitherto suffered dearly in the past prior to the establishment of NDIC by losing all their deposits whenever tsunami occurred in the banking sector with banks closing their doors permanently against depositors.
He thereby commended NDIC for the role they are playing towards building confidence among bank depositors thereby helping to grow the Nigerian financial sector.
