NDIC collaborates with House Committee to enhance deposit insurance.

The Nigeria Deposit Insurance Corporation (NDIC) has expressed the need for increased collaboration with the House of Representatives Committee on Insurance and Actuary Matters to strengthen deposit insurance in the country.

During a retreat organized by the Corporation in Lagos, Managing Director/Chief Executive, Mr. Bello Hassan announced that 86% of the insured deposits of the defunct Heritage Bank have been paid out, showing an increase from the previous week’s 82.36%.

Represented by the Executive Director, Corporate Services, Mrs. Emily Osuji Hassan, the NDIC emphasized the importance of partnering with the Committee to fulfill the Corporation’s mandate.

The Corporation views the National Assembly as a crucial stakeholder and values the positive working relationship and support provided by the Committee in carrying out its statutory responsibilities.

The retreat, themed ‘Strengthening Financial Stability and Deposit Insurance Frameworks for Economic Resilience,’ aimed to enhance the Committee’s understanding of the NDIC’s mandate for effective oversight functions as mandated by the Constitution.

Regarding the progress in paying out the insured deposits of the defunct Heritage Bank, Mr. Hassan reported that 86% of the total insured deposits have been disbursed. Efforts are being made to complete the payments for the remaining 14% of insured deposits.

The remaining depositors include customers with court or regulatory restrictions, customers with Know Your Customer (KYC) limitations, customers without Bank Verification Numbers (BVN), or those who have not provided alternative account details for payment.

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