NDIC to Extend Deposit Insurance Scheme to More Institutions

Nigeria Deposit Insurance Corporation (NDIC) said yesterday it would soon extend its Deposit Insurance Scheme (DIS) course to other higher institutions of learning.

Mrs Christiana Efabor, NDIC’s Director of Administration, said this in Abuja.

Efabor stated that the corporation is working closely with the Nigeria University Commission (NUC) to foster better understanding of the corporation’s mandate to students and the general public.

He said: “The introduction of the course is aimed at enhancing undergraduates’ knowledge of deposit insurance practices and the importance of NDIC’s role in the banking system.

“Our collaboration with NUC is all about education, capacity building, and literacy.

“We want people to know about what we do and because of that, we have started a curriculum with the universities on Deposit Insurance Scheme

“We have been able to graduate a set at the Ahmadu Bello University (ABU), Zaria, and the program is on at the University of Benin, University of Nigeria, Nsukka, and the University of Lagos.

“The other universities undergoing the program are Obafemi Awolowo University, Ile-Ife; Bayero University, Kano; and the University of Ibadan.

“When we have successfully carried out the program we are doing in these universities; we will then extend the program to other universities.”

It would be recalled that three 300 levels students of the Ahmadu Bello University who emerged emerged top of the class in the Fundamentals of Deposit Insurance course were given cash awards by NDIC.

N200,000, N150,000, and N100,000 were awarded to the first, second, and third best students respectively.

Speaking on wonder banks’, Ibrahim said the institutions were not regulated by the corporation because they had not been licensed by the Central Bank of Nigeria (CBN).

“We do not regulate them because they are not licensed; we only regulate financial institutions that are licensed by CBN.

“The public needs to be aware of these wonder banks and that is why we have our toll-free lines, where customers can call in and make enquiry about these wonder banks,” he said.