Chairman, House Committee on Insurance and Actuarial Matters, Hon Ahmadu Usman Jaha (middle) and MD/CE Nigeria Deposit Insurance Corporation, Mr Bello Hassan (2nd Left) pose for a photo with Hon Rasheed Abdullahi (1st Left) Hon. James Barka and NDIC Executive Director, Operations Mustapha M. Ibrahim (2nd and 1st Right) at the 2025 Stakeholders Workshop of the House Committee On Insurance and Actuarial Matters with the Nigeria Deposit Insurance Corporation held in Lagos.
In a decisive move to reinforce Nigeria’s financial resilience, Mr. Bello Hassan, Managing Director and Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC), warmly welcomed the Chairman and Honourable Members of the House Committee on Insurance & Actuarial Matters to a pivotal retreat held on Thursday, April 24, 2025, at the Four Points by Sheraton Hotel, Victoria Island, Lagos.
With the theme, “Navigating Financial Disruptions: Strengthening the NDIC’s Mandate for Economic Stability,” Hassan described the timing of the retreat as critical. He emphasized that, with the Federal Government’s ongoing reforms aimed at achieving sustainable growth, fortifying the financial system has become non-negotiable amid evolving threats such as digital innovations, cybersecurity risks, poor governance, market volatility, and the scourge of Ponzi schemes.
“Financial disruptions,” he noted, “are double-edged swords — presenting both opportunities and challenges. If not addressed decisively, they can erode public and investor confidence, with devastating consequences for the nation’s financial stability.”
Hassan stressed the need for banks to adopt a blend of resilience, innovation, and strict regulatory compliance to tackle these disruptions effectively.
Expressing gratitude to the lawmakers for their steadfast support, he remarked, “The strategic role of the National Assembly, especially your Committee, remains critical to the success of our mandate. Your unwavering backing has strengthened our ability to safeguard Nigeria’s depositors and the broader financial system.”
Reflecting on recent operational milestones, Hassan updated the lawmakers on the progress made in the liquidation of the defunct Heritage Bank, following the revocation of its license by the Central Bank of Nigeria. He proudly announced that the NDIC had swiftly paid insured depositors and is now set to begin disbursing a first tranche liquidation dividend of 9.2 kobo per naira to uninsured depositors before the end of April 2025.
Further emphasizing NDIC’s commitment to financial system integrity, he revealed the Corporation’s renewed drive toward aggressive debt recovery to maximize returns for all stakeholders, following the priority order stipulated in Section 72 of the NDIC Act, 2023.
Turning his focus to the rising menace of fraudulent schemes, Hassan lamented the collapse of the CBEX pyramid scheme, which led to an estimated ₦1.3 trillion loss, severely shaking public trust. He reassured attendees that the NDIC is intensifying efforts to educate the public through wide-ranging awareness campaigns across radio, television, town halls, academic initiatives, and online platforms.
“We continually update and publicize the list of licensed insured deposit-taking institutions on our website,” he said, “empowering Nigerians to verify legitimate financial institutions and avoid falling prey to unlicensed operators.”
In his concluding remarks, Hassan passionately reaffirmed NDIC’s unwavering commitment to partnering with the National Assembly to deepen depositor protection. He expressed confidence that the lawmakers’ insights, drawn from their wealth of experience, would further empower the Corporation to deliver on its vital mandate.
“I thank you for honouring our invitation and look forward to your continued engagement,” he said. “Together, we can strengthen the foundations of Nigeria’s financial system for today’s challenges and tomorrow’s opportunities.”
The retreat, he added, would serve as a springboard for more constructive collaboration, innovative strategies, and reinforced public confidence in Nigeria’s banking sector.
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