From Maurice Okafor, Enugu
The Director General of Nigeria Deposit Insurance Corporation, NDIC, Bello Hassan, has assured the consistency of the organization in stabilizing the financial sector in Nigeria by ensuring that depositors compensated at any point in time their bank fails.
Hassan Bello hinted the consistency of NDIC in the discharge of this noble obligation in his address delivered at the NDIC Special day at the on going 36th Enugu International trade fair.
He stressed that depositors do not suffer loss but instead get prompt compensation should banks fail.
In the address read on his behalf by Mrs Pamela Roberts, Bello cited the example of Heritage Bank that was recently liquidated, pointing out that within four days they 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 to be compensated.
He stated, “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.
“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,” he urged.
Speaking at the event,the chairman of Enugu Chamber of Commerce,Mines and Agriculture,ECCIMA, Dr Jideonwo, called on the Central Bank of Nigeria,CBN, to assist NDIC in living up to expectations with their regulatory roles so as to minimize cases of bank failures.
His speech delivered by Ugo Ozigbo, an ECCIMA member reads, “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 under.
He therefore, called on CBN and NDIC as key players in the financial sector, to ensure stability and tranquility in the banking sector through their regulatory frameworks.
