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NDIC Pavilion Thrills Visitors at 21st Abuja International Trade Fair as Corporation Showcases N5m Insurance Cover
By prince Benson Davies
The Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation, Mr. Thompson Oludare Sunday, has reaffirmed the Corporation’s commitment to safeguarding deposits and deepening confidence in the banking system as a critical driver of economic resilience.
Mr. Sunday stated this on Wednesday, 30th September 2026, while delivering his keynote address at the NDIC Special Day during the 21st Abuja International Trade Fair organised by the Abuja Chamber of Commerce, Industry, Mines and Agriculture.
He warmly welcomed distinguished guests, traditional rulers, exhibitors, participants and members of the media to the NDIC Day. He also congratulated the Chamber for sustaining the Trade Fair for twenty-one consecutive years, describing it as an important platform for trade, investment and policy engagement.
Commenting on the theme of this year’s Fair, “Resilience: Trade, Taxation and the Economy,” the NDIC boss said it is both timely and strategic. He noted that the theme captures the realities of an economy undergoing far-reaching reforms aimed at building a stronger, more productive structure, in line with the Federal Government’s vision of achieving a $1 trillion economy by 2030.
According to him, the NDIC has for over three decades remained a vital pillar of Nigeria’s financial safety-net architecture. He explained that through its mandates of deposit guarantee, supervision of banks in collaboration with the Central Bank of Nigeria, failure resolution and bank liquidation, the Corporation has continued to work to ensure that the banking system remains safe, sound and resilient.
He stressed that the work of NDIC has direct bearing on economic resilience, since every thriving business requires a trusted financial system capable of protecting working capital, enabling payments and supporting access to credit for investment and expansion.
To further strengthen confidence, Mr. Sunday disclosed that the Corporation enhanced its deposit insurance coverage in 2024, raising the maximum insured limit to N5 million per depositor per Deposit Money Bank and Mobile Money Operator, and N2 million per depositor per Microfinance Bank, Primary Mortgage Bank and Payment Service Bank. He said this enhancement provides full coverage for more than 98 percent of depositors in insured institutions, thereby shielding households, small businesses and vulnerable depositors from the immediate impact of bank failure.
For depositors with balances above the insured limits, he said the Corporation continues to pay liquidation dividends from recoveries made through debt recovery and disposal of physical assets of failed institutions. He emphasized that the objective is to ensure that no depositor loses confidence in the banking system because an insured institution has failed.
The NDIC Chief Executive noted that the Corporation is transforming the way depositors are reimbursed through deployment of technology. He listed such tools to include Bank Verification Number, Single Customer View, NIBSS infrastructure and other digital solutions, which have enabled the Corporation to move from slow, manual processes to faster and seamless reimbursement. He said today, verified depositors of failed banks get their insured deposits within days of closure.
He added that NDIC has positioned itself beyond being just a payer of claims after bank failure, but as a Risk Minimizer that identifies vulnerabilities early, strengthens safeguards and prevents institutional problems from escalating into systemic crises.
In line with global best practices, he said the Corporation has continued to strengthen its institutional framework through initiatives such as Risk-Based Supervision, enhanced Differential Premium Assessment System, Single Customer View Framework, full Distress Resolution suites and Bank Liquidation Management System, alongside stronger inter-agency collaboration with the Central Bank of Nigeria and other members of the financial safety net.
Mr. Sunday used the occasion to appeal to Nigerians to keep their money in licensed and regulated financial institutions. He expressed concern that some Nigerians still keep substantial funds outside the formal banking system or entrust their savings to unlicensed fund managers lured by promises of extraordinary returns, warning that consequences can be devastating.
He cited the proliferation and collapse of Ponzi schemes as evidence of the huge financial and emotional cost of placing hard-earned resources in unregulated schemes. He advised Nigerians to pause, ask questions and verify whenever an investment promise sounds too good to be true before committing money.
As part of commitment to making depositor protection more accessible, transparent and convenient, he announced that the Corporation launched an upgraded website on 19 September 2026. He urged stakeholders to visit http://www.ndic.gov.ng, which is designed as a one-stop digital gateway for depositors and other stakeholders. The site displays enhanced coverage limits, incorporates automated features for claims processing and provides an upgraded directory for checking institutions insured by NDIC. It also features a one-click Quick Action Bar giving direct access to four key services – File Claim, Check Banks, Report Failed Bank and FAQs – and an AI-powered virtual assistant to improve user interaction and provide faster access to information.
He described the upgrade as more than a website change, but a step in the Corporation’s journey towards becoming more accessible, responsive and technology-driven. He encouraged depositors, creditors and shareholders of closed banks to use the digital platforms for processing their claims.
He advised depositors to help accelerate reimbursement by ensuring their account information is accurate and consistent across banks and properly linked to their BVNs. He said with technology deployment, depositors no longer need to visit failed bank premises or NDIC offices for routine physical verification or carry large volumes of documents.
Mr. Sunday however noted that technology and regulation alone cannot guarantee financial security, as financial literacy remains the first line of defence for every depositor and business owner. He therefore encouraged businesses and members of the public to improve their financial literacy, embrace digital financial services responsibly, maintain sound financial practices and engage relevant regulatory institutions for guidance.
He invited guests to visit the NDIC Pavilion where officials are available to provide information on deposit insurance, depositor protection, claims processing, financial literacy and other services of the Corporation.
He concluded by congratulating the Executive and members of the Abuja Chamber of Commerce, Industry, Mines and Agriculture on successful hosting of the 21st Abuja International Trade Fair and expressed appreciation to revered Royal Fathers, distinguished guests, exhibitors, participants and media for honouring NDIC’s invitation.
