Managing director and chief executive of the Nigeria Deposit Insurance Corporation (NDIC) Bello Hassan has assured that with strict regulations put in place by the corporation, depositors need not worry about the safety of their money in the country’s banks. He gave the assurance at the NDIC’s Special Day at the ongoing 46th edition of […]
Bello Hassan, the Managing Director and CEO of the Nigeria Deposit Insurance Corporation (NDIC), has assured depositors of the safety of their funds in banks, emphasizing strict regulations and a stable financial environment. The NDIC has insured deposits up to N5 million per depositor per bank and is compensating depositors of Heritage Bank, whose license was revoked on June 3, 2024. Reimbursements were made within four days using Bank Verification Numbers (BVN), and depositors without BVN or alternate accounts are being contacted for verification. The NDIC is also working to liquidate assets of failed banks to compensate depositors with balances exceeding N5 million. Hassan urged affected depositors to submit necessary documentation to receive their payments promptly.
