NDIC’s chief executive officer, Bello Hassan, disclosed this at the 2023 NDIC workshop, organised for business editors and members of the Finance Correspondents Association of Nigeria (FICAN), on Wednesday in Owerri.

This dedicated desk aims to foster closer collaboration and coordination between NDIC and EFCC, facilitating the seamless exchange of information, expertise, and resources. The ultimate goal is to improve the thorough investigation of bank collapse situations and ensure the prosecution of those accountable. Mr. Hassan emphasized the importance of synergy between NDIC and the judiciary to expedite judgments on cases related to failed banks. The corporation has intensified its collaboration with the legal sector, resulting in a more informed and prompt dispensation of justice. Furthermore, NDIC has implemented an Alternative Dispute Resolution framework for out-of-court settlements, resolving previously protracted litigations related to failed banks. To expedite the disbursement of insured funds to depositors of closed banks, NDIC introduced the Single Customer View (SCV) framework. This initiative accelerates the identification, validation, and compensation processes for eligible depositors, ensuring swift access to their insured funds following a bank closure. In addition to its focus on investigations and legal processes, NDIC is actively engaged in enhancing its systems, processes, and procedures to promote transparency and accountability. The corporation has also heightened public awareness about the benefits and limitations of the deposit insurance system, contributing to financial literacy and complementing the consumer protection efforts of the Central Bank of Nigeria. Mr. Hassan disclosed that NDIC is in the advanced stages of reviewing the maximum deposit insurance coverage to reflect recent macroeconomic developments. While the specific coverage level was not disclosed, he expressed confidence that the new level, once approved, would reinforce depositors’ confidence in NDIC’s deposit guarantee scheme. Moreover, NDIC has invigorated its liquidation activities, significantly increasing its debt recovery rate. This has resulted in the declaration of 100 percent liquidation dividends to depositors of over 20 deposit money banks in liquidation. The aim is to reduce the vulnerability of small depositors to fraud, ultimately enhancing confidence in the banking system. In summary, NDIC’s proactive measures, collaborative initiatives, and strategic enhancements underscore its commitment to safeguarding the Nigerian banking system, promoting financial stability, and protecting the interests of depositors.