30 results
- 21 Aug 2019
NDIC Signs MOU with Korea Deposit Insurance Corporation
The Nigeria Deposit Insurance Corporation (NDIC) has signed a Memorandum of Understanding (MOU) with the Korea Deposit Insurance Corporation (KDIC) on a wide range of issues intended to facilitate…
- 12 Dec 2023
Why Some Nigerian Banks Failed - Ibrahim
Umaru Ibrahim, immediate past managing director and chief executive officer, Nigerian Deposit Insurance Association (NDIC), has said that some Nigerian banks failed because of non-compliance with…
- 26 Nov 2017
FG Lists Dangers of Digital Currencies as Bitcoin Hits $8,000
Nigerian Deposit Insurance Corporation (NDIC), the country’s financial sector insurance regulator, has again warned Nigerians against the risk of trading with digital currencies not issued by the…
- 12 Feb 2026
NDIC Moves to Boost Customers’ Confidence in Nigerian Banks
The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to safeguarding the nation’s financial system, announcing that its recent upward review of the maximum deposit insurance…
- 2 Aug 2022
NDIC Warns Nigerians Over Investing in Fund Managers
The Nigeria Deposit Insurance Corporation has said it does not insure investment with fund managers. Bashir Nuhu, Director, Communication & Public Affairs Department, NDIC, stated this in a…
- 26 Sept 2024
BVN Enabled Us in Timely Payment of 85 Percent of Heritage Bank Depositors — NDIC
Mr Bello Hassan, managing director/CEO, Nigeria Deposit Insurance Corporation (NDIC), has said that the use of Bank Verification Numbers (BVN) facilitated the successful reimbursement of 84.98 per…
- 21 Jul 2026
Senate Passes Landmark Insurance Reform Bill, Replaces 1997 NAICOM Act
The Senate yesterday recorded two major milestones in Nigeria’s financial sector, passing a landmark Insurance Regulatory Commission Bill to replace the nearly three-decade-old National Insurance…
- 29 Sept 2013
NDIC to Prosecute Failed MFB Bosses
Nigerian Deposit Insurance Corporation (NDIC) has said chieftains of failed Micro Finance Banks (MFB) whose cases had been fully investigated and those found to have violated the existing policy…
- 12 Mar 2020
NDIC Says 40 Percent of Nigerians Can’t Access Financial Services
Nigeria Deposit Insurance Corporation (NDIC) has said that 40 per cent of Nigerians do not have access to financial services. Umaru Ibrahim, managing director/CEO, NDIC, said there was need to bring…
- 7 Nov 2021
NDIC Urges Customers to Petition Banks’ Excess Charges
Nigerian Deposit Insurance Corporation (NDIC), has asked customers who discover that they have been overcharged on their accounts by the banks as account and card maintenance charges among others to…
- 27 Mar 2026
NDIC Insures 99 Percent of Bank Customers
Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to protecting depositors and sustaining confidence in the nation’s banking system, declaring that its insurance framework…
- 18 Sept 2016
Fidelity Bank MD Explains Why Banks don’t Give Long Term Loans
Mr. Nnamdi Okonkwo, managing director, Fidelity Bank Plc, has said that the inability of commercial banks to give long-term credit facilities is due to the non-availability of long-term-deposits by…
- 16 Apr 2013
NDIC Moves to Protect Investors in Capital Market
Alhaji Umaru Ibrahim, managing director, Nigeria Deposit Insurance Corporation (NDIC) has said that the agency is seeking for the establishment of an explicit investor protection scheme to protect…
- 3 May 2020
Buhari Replaces NAICOM Commissioner
President Muhammadu Buhari, has, approved the appointment of Sunday Thomas as the substantive commissioner for Insurance/chief executive officer, National Insurance Commission (NAICOM). His…
- 15 Mar 2020
NDIC says 40% Of Nigerians Lack Access to Financial Services
Umaru Ibrahim, Managing Director of the Nigeria Deposit Insurance Corporation, NDIC, has stressed the urgent need to bring more Nigerians into the financial services net. Ibrahim said the call has…
- 2 Oct 2018
NDIC Paid N11.5bn to Depositors of Financial Institutions in 2017
Umaru Ibrahim, Managing Director and Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), has revealed that about N11.50 billion has been paid to financial institutions. The payment, he…
- 6 Aug 2017
Banks’ Staff, Others Steal N2.4Bn -NDIC
Banks in Nigeria lost N2.4 billion to fraud and forgeries executed by staff in connivance with fraudsters in 2016, according to the Nigeria Deposit Insurance Corporation (NDIC), NDIC attributed the…
- 11 Dec 2018
NDIC Joins Islamic Financial Services Board
The Nigeria Deposit Insurance Corporation (NDIC) has become a full member of the board of the Council of the Islamic Financial Services Board (IFSB) which has its headquarters in Kuala Lumpur,…
- 21 Sept 2025
PenCom Redesigns Pension Plan, Targets Informal Sector
The National Pension Commission has announced new measures to expand pension coverage in Nigeria’s vast informal sector by leveraging super agents and financial technology platforms to simplify…
- 8 Oct 2018
Ex Skye Bank Directors Panic as FG Mulls Punishment for Banking Collapse
Former directors of the defunct Skye Bank Plc are reportedly seeking for soft-landing, following a directive by federal government last week that the former bankers would be used as scapegoat to stop…
- 13 Jul 2017
Nigerians Lost N11.9Bn to Ponzi Scheme – CBN
Central Bank of Nigeria (CBN) said that Nigerians lost N11.9 billion to the Ponzi scheme, popularly called Mavrodi Mundial Movement (MMM) in 2016. This is despite repeated warnings by the Central…
- 2 Apr 2026
CBN Plans New Payment Systems Vision
Central Bank of Nigeria (CBN), has said that it will be launching a new payment systems vision that will outline where the entire ecosystem is expected to be heading in the next three years. Olayemi…
- 11 Feb 2019
Operators Worry over Sick Banks, Proffer Solutions
Capital market operators have urged the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to map out strategies to manage ailing banks rather than outright…
- 16 Dec 2016
NDIC, CBN Mull Digital Currency to Battle MMM
Alhaji Umaru Ibrahim, Managing Director, Nigeria Deposit Insurance Commission (NDIC), yesterday said the commission and Central Bank of Nigeria (CBN) had set up a committee to look into the trending…
- 17 Feb 2019
Why NDIC Shut Down Fortis MFB
Nigeria Deposit Insurance Corporation (NDIC) has said that the liquidation of the Fortis Micro Finance Bank was the last option in the series of interventions taken by the supervisory authorities.…
- 23 Oct 2015
CBN to License Super Mobile Money Agents
Central Bank of Nigeria (CBN), has disclosed that a framework to license super agents mobile money operators is on its final stage. However, three major telecommunications firm in the country have…
- 2 Jul 2017
Fraudsters Steal N16.5Bn from Nigerian Banks
Nigerian banks lost some N16.5 billion in 31,736 fraud cases between January 2014 and December 2016, according to Punch which quoted figures it obtained from the Central Bank of Nigeria (CBN). The…
- 22 Oct 2020
CBN Refunds N2.7Bn to Customers, Resolves 1,519 Complaints
Central Bank of Nigeria (CBN) refunded N2.7 billion to the customers and resolved 1,519 banks’ transaction complaints from January to June this year. Mr Haruna Mustafa of the Consumer Protection…
- 2 Feb 2026
Recapitalisation: Silent Layoffs, Infrastructure Deficit Threat to $1trn Economy
By Blaise Udunze The Central Bank of Nigeria’s recapitalisation exercise, which is scheduled for a March 31, 2026, deadline, has continued to reignite optimism across financial markets and is…
- 23 Aug 2010
CBN to Invest N500 Billion in AMCON
With effect from January 2011, the Central Bank of Nigeria (CBN) is to invest N500 billion in Asset Management Corporation of Nigeria (AMCON) for a decade as the apex bank put the total deposits of…