The Nigeria Deposit Insurance Corporation (NDIC) has assured that under the current insurance coverage of bank account holders in the country, more than 97 per cent of account holders as are fully covered and would be able to recoup their deposits in the event of the closure of a bank.
According to the Managing Director and Chief Executive of the NDIC, Mr. Bello Hassan, 97.6 per cent of accounts are fully covered under the N500,000 current coverage limit of the corporation, even as he added that the limit is subject to periodic reviews.
He stressed that there is a need for an amendment to the NDIC act, to give the agency more powers to recover and liquate loans and assets.
He made this known at the opening ceremony of the 18th edition of the workshop for business editors and Finance Correspondents Association of Nigeria (FICAN), themed, “Enduring Extreme Disruptions: Resilience & Reinvention for Banking System Stability & Deposit Insurance,” in Gombe yesterday.
Hassan said: “In 2016, 2017, 2018 and 2019, the total number of accounts in the deposit money banks stood at 83.0 million; 99.1million; 112.0 million and 128.4 million respectively.
