The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare-Sunday, has reaffirmed the corporation’s commitment to safeguarding depositors’ funds and strengthening financial system stability nationwide.
Oludare-Sunday made the remarks on Wednesday during the NDIC Special Day at the ongoing 46th Kano International Trade Fair, organised by the Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA).
He described the fair—held under the theme “Empowering SMEs for Sustainable Development”—as an important platform for promoting entrepreneurship, financial literacy and innovation, adding that such engagements are essential for Nigeria’s economic growth.
Represented by the Deputy Director, Procurement Management Services Department, Mr. Kayode Shokunbi, the NDIC boss commended KACCIMA for its consistency in hosting the annual fair. He said the event continues to serve as a catalyst for business networking, investment promotion and sensitisation on financial sector developments.
Oludare-Sunday noted that for 37 years, the NDIC has played a central role in protecting depositors’ funds and maintaining confidence in the banking system through effective supervision, deposit insurance, bank resolution and liquidation.
He explained that the corporation, working closely with the Central Bank of Nigeria (CBN), has strengthened regulatory frameworks to ensure compliance and stability across all insured deposit-taking institutions.
He announced that the maximum deposit insurance coverage has been increased to N5 million for Deposit Money Banks (DMBs), Mobile Money Operators (MMOs) and Non-Interest Banks (NIBs). Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs) and Payment Service Banks (PSBs) now have coverage of N2 million.
“This expanded coverage protects about 99 per cent of depositors and reflects our unwavering commitment to our mandate,” he said.
Oludare-Sunday advised bank customers to ensure that the information on their Bank Verification Number (BVN) matches the details on their official identification documents to enable prompt access to insured deposits if a bank fails.
He cautioned Nigerians against investing in Ponzi schemes and fraudulent online platforms, stressing that only funds kept in CBN-licensed banks are protected by deposit insurance.
The Commissioner for Women Affairs, Children and People with Special Needs, Amina Sani-Abdullahi, represented by the Permanent Secretary, Mr. Muhammad Sambo, reaffirmed government’s commitment to supporting entrepreneurship, improving infrastructure and empowering vulnerable groups through capacity-building programmes.
Goodwill messages were delivered by representatives of KACCIMA, traditional rulers and other dignitaries, while the event also featured raffle draws where participants won various prizes.
