Zainab Ali
The Nigeria Deposit Insurance Corporation (NDIC) has restated its commitment to ensuring the stability and security of financial institutions across the country.
The NDIC Managing Director, Mr. Thomson Sunday, gave the assurance on Wednesday during the corporation’s Special Day at the 46th Kano International Trade Fair.
He said that despite the March 2026 deadline for the recapitalisation of banks, the NDIC will ensure a smooth process and remains fully prepared for any necessary regulatory interventions to sustain confidence and stability in the financial system.
According to him, the NDIC and the Central Bank of Nigeria (CBN) have strengthened regulatory frameworks to ensure compliance and stability among all deposit-taking institutions.
Represented by the Deputy Director, Procurement Management Services Department, Mr. Kayode Shokunbi, the Managing Director noted that for the past 37 years, the NDIC has played a vital role in safeguarding depositors’ funds — especially those of the most vulnerable — while reinforcing the stability of Nigeria’s financial system.
He cautioned Nigerians against patronising Ponzi schemes and other fraudulent investment platforms, advising them to place their funds only in CBN-licensed banks covered by NDIC deposit insurance.
“Your vigilance is crucial to safeguarding your hard-earned savings. I urge you to visit the NDIC Pavilion during this trade fair. Our team is ready to provide insights, answer questions and share information on deposit insurance and our activities,” he said.
He also stressed the need for bank customers to ensure that their Bank Verification Numbers (BVN) are linked with their correct names as stated in official identity documents.
“Our efforts aim to reassure Nigerians that their money is safe and accessible when needed. With the rapid growth of financial technology, traditional banks still play a vital role in the banking system,” he added.
Mr. Sunday reaffirmed that the corporation remains committed to ensuring the stability and security of financial institutions in Nigeria.
He described the 46th Kano International Trade Fair, themed “Empowering SMEs for Sustainable Development,” as a vital platform for economic growth, entrepreneurship and financial literacy, noting that such forums are instrumental in supporting Nigeria’s development objectives.