By: Gbenga Davies
Nigeria Deposit Insurance Corporation (NDIC),stands as a pillar of stability and confidence in Nigeria's financial sector,this was the statement of the president,Lagos Chamber of Commerce and Industry, Mr. Gabriel Idahosa,FCA at the NDIC special day at the 38th Lagos International Trade Fair on Thursday 7th November,2024.
The Managing Director/ Chief Executive, Nigeria Deposit Insurance Corporation (NDIC),Mr. Bello Hassan,OON represented by the Director Communication & Public Affairs,Bashiru Nuhu in his speech said over the years NDIC has been instrumental in promoting stability by ensuring that when a bank fails,depositors are promptly compensated,the recent lessons from the revocation of Heritage Bank’s operating licence by the Central Bank on June 3rd 2024,and their efforts on reimbursing depositors reinforces the critical role. He also said the corporation credited depositors insured amounts directly into their alternative bank accounts.
Bello Hassan futher stated that the corporation established over three and half decades ago,they have been a key players in protecting depositors, especially the most vulnerable, and contribute in strengthening the financial system which their core mandate include providing deposit insurance to depositors of licensed banks, supervising insured financial institutions, distress resolution, and ensuring the orderly resolution of banks in the event of failure.
He then encouraged depositors of Heritage Bank,who are yet to receive their payment, to come forward with their Bvn,proof of account ownership,identification and alternative account details.
The President,Lagos Chamber of Commerce and Industry,Mr. Gabriel Idahosa in his welcome address said NDIC's commitment in safeguarding all Nigerians deposits in the financial system. He also said the NDIC has played a pivotal role in maintaining stability within the turbulent economic environment through his regulatory oversight deposit Insurance scheme and intervention strategies the body has mitigated some of the potential crisis that could have distabilize the financial system. Gabriel Idahosa then said the Corporation vigilant monitoring of banks, proactive intervention in destressing institution and ongoing commitment to depositors protection have increased confidence in the banking sector ensuring that banks continue to serve business and individuals even in uncertain situations.
The President,Lagos Chamber of Commerce and Industry,Mr. Gabriel Idahosa in his welcome address said NDIC's commitment in safeguarding all Nigerians deposits in the financial system. He also said the NDIC has played a pivotal role in maintaining stability within the turbulent economic environment through his regulatory oversight deposit Insurance scheme and intervention strategies the body has mitigated some of the potential crisis that could have distabilize the financial system. Gabriel Idahosa then said the Corporation vigilant monitoring of banks, proactive intervention in destressing institution and ongoing commitment to depositors protection have increased confidence in the banking sector ensuring that banks continue to serve business and individuals even in uncertain situations.
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