The Nigeria Deposit Insurance Corporation (NDIC) has urged depositors to patronise only deposit financial institutions licensed by the Central Bank of Nigeria (CBN).
The Managing Director, Mr Bello Hassan, said this while briefing newsmen on the review of the maximum deposit insurance coverage level for depositors of failed banks in Abuja on Thursday.
Hassan said that only the CBN-licensed deposit financial institutions were insured by the NDIC.
The managing director urged depositors not to be deceived by mouthwatering interest rates presented by some non-licensed deposit financial institutions.
Hassan said that depositors could only sue or report issues between them and licensed deposit financial institutions to the CBN and the NDIC in the event of any dissatisfaction.
He said the list of licensed deposit-taking financial institutions was at the CBN and NDIC’s websites.
Hassan added that it would only pay maximum deposit insurance to depositors of the licensed institutions.
The Nigeria Deposit Insurance Corporation (NDIC) is a statutory body established by NDIC Act No. 16 of 2006 with the exclusive mandate of administering the Deposit Insurance System (DIS) in Nigeria.
As one of the components of the nation’s financial safety-net arrangement, the NDIC has the responsibility of protecting depositors and guaranteeing the payment of insured sums when the license of a deposit-taking financial institution is revoked by the Central Bank of Nigeria (CBN).
NAN