By Majeed Salaam
The Nigeria Deposit Insurance Corporation (NDIC) has reassured bank customers that their deposits remain safe under its insurance scheme, even as it warns against falling victim to fraudulent investment platforms.
The assurance came from NDIC Managing Director (MD)/Chief Executive Officer (CEO), Mr. Thompson Oludare Sunday, during the latest 46th Kano International Trade Fair.
Mr. Sunday who was represented Mr. Shokunbi Kayode, Executive Director of Procurement, emphasised the corporation’s role in safeguarding deposits, supervising financial institutions, and maintaining stability in Nigeria’s banking sector.
He explained that depositors of commercial banks, mobile money operators, and non-interest banks are insured up to N5 million. In the unlikely event of a bank failure, depositors can claim this amount promptly, while microfinance, primary mortgage, and payment service banks have coverage up to N2 million.
He also highlighted NDIC’s readiness to strengthen regulatory frameworks, noting that despite the March 2026 deadline for bank recapitalisation, the corporation is prepared to ensure a smooth process and take necessary interventions to protect public confidence in the financial system.
“Your vigilance is crucial to safeguarding your hard-earned savings. Always ensure your deposits are placed in Central Bank of Nigeria (CBN)-licensed banks covered by NDIC deposit insurance,” Mr. Sunday said, encouraging visitors to the NDIC pavilion at the trade fair to learn more about deposit protection and the corporation’s activities.
The NDIC boss reiterated the corporation’s mission to supervise financial institutions, manage distressed banks, and ensure a smooth resolution process during bank failures. He said that the NDIC works closely with the CBN to preserve stability and protect depositors’ funds from financial shocks.
The event also featured remarks from Kano State Commissioner for Women Affairs, Hajiya Amina Sani Abdullahi, who commended the Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA) for its innovation and support for entrepreneurship. She applauded exhibitors for their creativity and resilience, affirming the government’s commitment to strengthening commercial infrastructure and promoting economic growth in the state.
The message from NDIC was clear: while the banking system remains secure, Nigerians must remain cautious, make informed decisions, and take advantage of official channels to protect their savings.
