NDIC Warns Against Unlicensed Money Schemes
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) has warned Nigerians against keeping their money in unlicensed financial schemes, particularly those offering unrealistic returns. The Corporation said the collapse of Ponzi schemes has repeatedly exposed Nigerians to significant financial losses from entrusting their savings to unregulated operators. The Managing Director/Chief Executive of the NDIC, […]
NDIC Begins Payout as CBN Shuts 46 Microfinance Banks
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) has begun the process of paying insured deposits to customers of 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN). The NDIC in a statement on Wednesday by Hawwau Gambo, Head, communication and public affairs, NDIC, says it has taken […]
NDIC Raises Deposit Cover, Fully Protects 99% of Depositors
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) has announced that nearly 99 per cent of bank depositors in the country are now fully protected following a significant increase in deposit insurance coverage aimed at strengthening confidence in the banking sector. The Managing Director and Chief Executive Officer of the NDIC, Thompson Oludare Sunday, […]
NDIC Boosts Deposit Funds to Protect Depositors
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) says it is intensifying efforts to strengthen its Deposit Insurance Funds (DIFs) as part of measures to safeguard Nigeria’s financial system and protect bank depositors. The Managing Director and Chief Executive of the NDIC, Thompson Sunday, disclosed this during a courtesy visit to the Director-General of […]
NDIC Launches Industry Immersion Programme
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to talent development and stronger industry–academia collaboration through its Executive Industry Immersion Challenge (EIIC) programme, in partnership with Nile Business School, Nile University of Nigeria, Abuja. Speaking at the opening ceremony of the four-day programme at the NDIC Head Office in Abuja, […]
NDIC Moves to Conclude Liquidation of 89 Microfinance, Mortgage Banks
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation has commenced the process of concluding the liquidation of 89 closed microfinance banks and primary mortgage banks following their acquisition by new owners. In a statement on Wednesday, the Corporation says the move comes after the successful execution of the Purchase and Assumption (P&A) model, under which […]
NDIC, EFCC Strengthen Partnership to Recover Bank Assets
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to working with the Economic and Financial Crimes Commission (EFCC) to recover assets and debts from failed banks and prosecute individuals responsible for bank failures. NDIC Managing Director, Thompson Sunday, made this known during a courtesy visit by NDIC management to EFCC […]
NDIC Seeks Exemption from 50% Cost-to-Income Policy
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) says it is seeking an exemption from the Federal Government’s 50 per cent cost-to-income ratio policy. The NDIC cited its impact on the Corporation’s ability to build a strong Deposit Insurance Fund and respond effectively to bank failures. The Managing Director and Chief Executive of NDIC, […]
NDIC Begins Liquidation of Aso Savings, Union Homes, Following Licence Revocation
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) has began the liquidation of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc following the revocation of their operating licences by the Central Bank of Nigeria (CBN). In a notice to depositors and the public on Tuesday, the NDIC said it was […]
Accurate Asset Valuation Key to Repaying Depositors in Failed Banks – NDIC
By Oluwakemi Kindness The Nigeria Deposit Insurance Corporation (NDIC) says accurate valuation of assets belonging to failed banks is essential to protecting depositors and maintaining confidence in the financial system. NDIC Managing Director/Chief Executive, Thompson Oludare-Sunday, stated this during a courtesy visit by the President of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), […]