NDIC Boss Says 25% Of Bank Deposits Are Insured.

NDIC Boss Says 25% Of Bank Deposits Are Insured.

Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance

Corporation, Bello Hassan says only 25 per cent of the value of customers’

deposits are insured by the corporation.

Hassan disclosed this on the sidelines of the 2024 Sensitization Seminar for

justices of the court of appeal in Lagos, themed ‘Building Strong Depositors

Confidence in Banks and Other Financial Institutions through Adjudication’

adding that, the uncovered deposits would eliminate the risk of moral hazard

that may arise.

The NDIC boss described the judiciary as a critical stakeholder and called for

improved synergy among stakeholders.

The Presiding Justice of the Court of Appeal, Lagos Division, Jimi Bada, who

represented the President of the Court of Appeal, Justice Monica Dongban-

Mensem, expressed the readiness of the judiciary to deal with issues arising

from the fresh bank recapitalization exercise.

The Secretary of the National Judicial Insitute, Olumo Abdulazeez, who

represented the Administrator, NJI, reiterated the fast-track treatment given

to commercial matters by the court, stressing that, the upward review of 

maximum deposit insurance coverage for various categories of deposit-

taking financial institutions licensed by the Central Bank of Nigeria with

immediate effect.

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