NDIC Southeast Zonal Coordinator, Pamela Roberts, who represented the Managing Director of NDIC, Mr. Bello Hassan (2nd from right), Dr. Ugo Ozigbo, (3rd from right) who represented ECCIMA President, Sir Odeiga Jideonwo, and other dignitaries. Photo Credit: Tony Adibe
By Tony Adibe
The Managing Director of Nigeria Deposit Insurance Corporation (NDIC) Bello Hassan has assured the Corporation’s consistency in stabilizing Nigeria’s financial sector by making sure depositors get compensated whenever their bank goes under.
Bello said the consistency of NDIC in the discharge of this noble obligation in his address delivered during the NDIC Special Day at the on-going 36th Enugu International Trade Fair at the Tradefair permanent site, Golf Estate, Enugu.
The NDIC Managing Director emphasised that depositors should not suffer loss, but instead should get prompt compensation in case of bank’s failure or distress. In the address read on his behalf by his representative on the occasion, Mrs Pamela Roberts, the Southeast Zonal Coordinator of NDIC, Bello cited the example of Heritage Bank that was recently liquidated, stressing, however, that within four days, the Corporation started compensating the depositors with the bank.
Bello tasked depositors to ensure they have all the necessary documents specifying their ownership of an account with a liquidated bank to enable them get compensation. According to him, “NDIC has successfully declared a full 100% liquidation dividends to depositors of 20 previously failed banks. This reflects our unwavering commitment to depositors’ protection and our proven capability to manage Bank failures effectively.
Pamela Roberts reading the MD’s speech at the event
“I therefore urge depositors of closed banks to come forward and provide the necessary documentation supporting ownership of the account, including BVN, and an alternate bank account number of the insured sum.”
In his remarks, the President of Enugu Chamber of Commerce, Mines, Industry and Agriculture (ECCIMA), Sir Odeiga Jideonwo, appealed to the Central Bank of Nigeria (CBN), to assist NDIC in living up to expectations with its regulatory roles in order to minimize cases of bank failures in the country.
Jideonwo, whose speech was read by his representative on the occasion, a prominent ECCIMA member, Dr. Ugo Ozigbo, said: “Today is NDIC Day, but permit me to use this opportunity to plead that the CBN through its regulatory framework should make the work of NDIC easier by ensuring that the chances of Bank failures is reduced to the barest minimum and guard against depositors going through this harrowing experience.”
Citing the closure of Heritage Bank for instance, Jideonwo pointed out that more needed to be done to ensure that banks don’t go distress. He, however, lauded the CBN and NDIC as key players in the financial sector, for ensuring the “relative stability and near tranquillity in the banking/financial sector through their regulatory frameworks.”
Jideonwo said: “We are, however, very pleased with the opportunity NDIC has offered today, to enable us interact, exchange views and learn more about the activities of the corporation which remains the last hope of depositors when the curtain falls, leaving depositors’ faith hanging in the air.”
