NDIC should partner with CBN to safeguard depositors’ interests says Hassan

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From Maurice Okafor, Enugu.

The Managing Director/Chief Executive of Nigeria Deposit Insurance Corporation, NDIC, Mr. Bello Hassan has assured that the Corporation in partnership with Central Bank of Nigeria will continue to ensure that depositors’ funds with financial institutions are safeguarded even when their bank is distressed.

The NDIC Boss gave these hints in his speech read at the NDIC special day at the ongoing 35th Enugu International Trade Fair in Enugu. He said that it was to ensure the depositor’s interest that they are aligning with the CBN recapitalization initiative whereby the banks raise their capital base to check the possibility of closing shops and jeopardising the banking public.

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Hassan, represented at the occasion by the NDIC, South East Zonal Controller, Mrs Pamela Robert, also said that the recapitalization policy is intended to strengthen the banking sector in Nigeria, hence their support for CBN.

“In the light of the ongoing global economic dynamics, the Central Bank of Nigeria has stepped up the regulatory efforts to ensure the resilience and stability of the Nigerian banking sector. A significant stride in this direction is the revision and pegging of higher minimum capital requirements for banks operating in Nigeria,” he said noting that, “this will not only strengthen the banking system but would also enhance the sector’s ability to withstand financial shocks.”

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To this end, therefore, Hassan said that NDIC will lend their support to CBN to see that the policy succeeds.

“As ever the NDIC will continue to collaborate with the CBN in ensuring a seamless transition while safeguarding depositors’ interest,” he said.

He reiterated the commitment of NDIC to reimburse depositors in the face of bank failures, saying that they encourage the depositors of affected banks to come to them with genuine claims for reimbursement.

“The NDIC has been unwavering in its commitment to promptly reimburse depositors affected by bank failures. We strongly encourage depositors of the affected banks to come forward with their Bank Verification Number, BVN, proof of account ownership, proper identification, and or alternative account details,” he assured.

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