The Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Thompson Oludare Sunday, has reaffirmed the Corporation’s unwavering commitment to safeguarding depositors’ funds and strengthening public confidence in the banking system. Represented by Mr. Oluwole Sule, Director of Dispute Resolution at the NDIC, Mr. Sunday made this declaration during the NDIC’s Special Day celebration at the ongoing 2025 Lagos International Trade Fair, themed “Connecting Business, Creating Value.”
In his address, Mr. Sunday described the annual Fair as an invaluable platform that showcases the resilience and creativity of Nigeria’s entrepreneurs, manufacturers, and small, medium, and micro enterprises (SMEs). He commended the Lagos Chamber of Commerce, Industry, Mines and Agriculture (LCCI) for its consistent role in promoting trade, innovation, and investment over the decades.
“Events like this highlight the ingenuity of our entrepreneurs and the critical role of a stable financial system in connecting businesses and creating value,” he stated.
The NDIC boss emphasized that the theme of this year’s Fair aligns with the Corporation’s public policy objectives and mandate—to promote the stability of Nigeria’s financial system and protect depositors’ funds. He underscored that for over 36 years, the NDIC has remained a cornerstone of the nation’s financial safety-net, providing assurance and confidence in the banking system.
Outlining the Corporation’s core mandate, he said,
“Our mission is to guarantee depositors’ funds, supervise banks, resolve distressed insured institutions, and liquidate failed banks. We work closely with the Central Bank of Nigeria (CBN) to maintain sector stability and enforce compliance among deposit-taking institutions.”
Mr. Sunday noted that significant progress has been made in enhancing depositor protection through increased insurance coverage. He revealed that the NDIC currently insures depositors of Deposit Money Banks (DMBs), Mobile Money Operators (MMOs), and Non-Interest Banks (NIBs) up to ₦5 million per depositor, while those of Payment Service Banks (PSBs), Microfinance Banks (MFBs), and Primary Mortgage Banks (PMBs) enjoy coverage of up to ₦2 million.
“This expanded coverage ensures that about 99% of depositors are fully protected, reflecting our unwavering commitment to deepening trust and stability in the financial system,” he affirmed.
The NDIC chief explained that in the unlikely event of bank failure, affected depositors whose balances exceed the insured limits will first receive up to the insured amount, while the remaining balance would be settled through liquidation dividends from the proceeds of the failed institution’s assets.
He further called on depositors to play an active role in safeguarding their funds by ensuring their Bank Verification Numbers (BVN) are linked to all accounts, keeping personal information updated, and reporting any suspicious activities promptly to their banks.
“The safety of bank deposits is a shared responsibility between banks, regulators, and depositors. Every stakeholder must remain vigilant,” he advised.
Mr. Sunday urged depositors to maintain alternate accounts in other banks with matching personal details to facilitate quick reimbursement should any institution face distress. He also advised that unresolved complaints should be escalated to the NDIC or CBN through the appropriate channels.
Reiterating NDIC’s dedication to transparency and depositor confidence, he invited attendees to visit the NDIC Pavilion at the Fair for further engagement and enlightenment on the Corporation’s operations and customer protection initiatives.
In his closing remarks, Mr. Sunday expressed gratitude to the Lagos Chamber of Commerce and Industry, esteemed dignitaries, business community members, and the media for their continued collaboration and presence, wishing all participants a rewarding trade fair experience and safe journeys.
At the 2025 Lagos International Trade Fair, NDIC MD/CEO Mr. Thompson Oludare Sunday reaffirmed the Corporation’s commitment to depositor protection, financial stability, and collaboration among regulators and the public to sustain trust in Nigeria’s banking sector.
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