The Nigeria Deposit Insurance Corporation (NDIC) has reassured Nigerians about the health of the nation’s banking sector, stating that banks are robust while confirming that over 80 per cent of depositors of the liquidated Heritage Bank have already received their insured funds.
Speaking in Minna during the National World Savings Day commemoration, Mr. Zeyad Abubaka of the NDIC Bank Examination Unit said the Corporation achieved a record-breaking settlement timeline, using the Bank Verification Number (BVN) system to reimburse depositors within five days of Heritage Bank’s license revocation.
“I can assure you that over 80 per cent of depositors have been repaid their insured amount,” Abubaka said. “Within five days of the revocation of license, they were all paid without even filing claims.”
He added that delays in some cases were due to incomplete customer records, which the NDIC continues to resolve.
Abubaka also addressed concerns about the overall stability of Nigerian banks, emphasizing that the recent recapitalization efforts, including the N500 billion benchmark for international banks, were measures to strengthen the sector rather than signals of distress.
“Nigerian banks are very healthy,” he said, noting that deposit growth remains strong despite economic headwinds.
On consumer protection, the NDIC received about 85 complaints last year regarding excess charges, of which 50 were resolved and refunded.
He clarified that while NDIC enforces refunds for bank errors, cases involving fraud or compromised accounts are handled by the Central Bank of Nigeria (CBN), the EFCC, or the Police.
The World Savings Day event, targeting students to encourage a savings culture, has reportedly seen positive outcomes, with assessments showing that three-quarters of participating students already own bank accounts.
Abubaka stressed that financial literacy from a young age is key to economic growth and financial inclusion.
The programme plans to reach approximately 200 students per state across Nigeria, promoting awareness and understanding of banking and savings habits nationwide.
