The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its dedication to protecting depositors and ensuring a stable financial environment in Nigeria.

Managing Director/Chief Executive, Bello Hassan, made this commitment during the NDIC’s Special Day at the 38th Lagos International Trade Fair.

Hassan, who was represented by the Director Corporate Communications Alhaji Bashir Nuhu highlighted NDIC’s core mandates, including deposit insurance, supervising insured financial institutions, distress resolution, and ensuring orderly bank resolution.

He emphasized the corporation’s collaboration with the Central Bank of Nigeria (CBN) to maintain banking sector stability.

The NDIC’s efforts were exemplified by its prompt reimbursement of Heritage Bank depositors following the bank’s license revocation in June 2024.

Within four days, 86% of depositors received insured amounts through the Bank Verification Number (BVN) system.

To further support depositors, the NDIC increased deposit insurance coverage from N500,000 to N5 million.

The corporation also initiated asset realization and debt recovery processes to compensate depositors with balances exceeding N5 million.

Hassan encouraged remaining Heritage Bank depositors to submit claims through various channels, including the NDIC website, email, and social media platforms. He invited guests to visit the NDIC pavilion for more information on deposit insurance

The Lagos International Trade Fair, themed “Connecting Businesses, Creating Value,” aims to foster economic development, promote trade, and attract investments ¹