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Tag: NDIC

NASS inflated 2025 budget with 11,122 'ghost' projects — BudgIT
Business

Senate urges NDIC to prioritise early risk detection

The Senate Committee on Banking, Insurance, and Other Financial Institutions has urged the newly appointed leadership of the Nigeria Deposit Insurance Corporation to prioritise early risk detection to protect depositors’ funds in the banking sector. Speaking at the opening of the 2025 NDIC Retreat in Niger State on Monday, Committee Chairman Senator Mukhail Abiru emphasised […]

Failed banks liquidation delayed over ex-staff owed salaries, others - NDIC
News

Failed banks liquidation delayed over ex-staff owed salaries, others – NDIC

The Nigerian Deposit Insurance Corporation has raised concerns that ongoing legal battles initiated by former employees of failed banks are hindering its core mandate of liquidating insolvent financial institutions. The acting Managing Director/Chief Executive of NDIC, Emily Osuji, made the remarks on Thursday during a sensitisation seminar held in Lagos for judges of the National […]

News

NDIC seeks feedback on revised insurance standards

The Nigeria Deposit Insurance Corporation has invited feedback from financial services stakeholders, policymakers, and the general public on the ongoing revision of the Core Principles for Effective Deposit Insurance Systems by the International Association of Deposit Insurers. In a statement issued on Tuesday, by NDIC’s Head of Communication and Public Affairs, Hawwau Gambo, the Corporation […]

NDIC chases Heritage Bank debtors
Banking

NDIC to pay first tranche of Heritage Bank liquidation dividends

The Nigeria Deposit Insurance Corporation has announced that the first tranche of liquidation dividends for uninsured depositors of the defunct Heritage Bank will be paid in April 2025. This was disclosed in a press statement issued on Sunday by the Acting Head of Communication & Public Affairs, NDIC, Hawwau Gambo. According to the statement, the […]

NDIC urges AI adoption to strengthen fraud detection in banks
News

NDIC urges AI adoption to strengthen fraud detection in banks

The Managing Director and CEO of the Nigeria Deposit Insurance Corporation, Mr. Bello Hassan, has called for the integration of Artificial Intelligence technologies to improve fraud detection in Nigeria’s financial institutions. Speaking at the Risk Management Roundtable organized by FITC, Mr. Hassan highlighted the limitations of traditional fraud detection methods, which rely heavily on manual […]

Failed banks liquidation delayed over ex-staff owed salaries, others - NDIC
News

NDIC to auction defunct Heritage bank’s property, assets

The Nigeria Deposit Insurance Corporation is set to begin the auction of landed properties and chattels belonging to the defunct Heritage Bank on Wednesday, December 4, 2024. This initiative is part of the corporation’s efforts to facilitate the timely declaration of liquidation dividends for uninsured depositors of the failed bank. In a statement released on […]

Failed banks liquidation delayed over ex-staff owed salaries, others - NDIC
News

NDIC adopts NIBSS for payments to Heritage Bank insured depositors

The Nigeria Deposit Insurance Corporation has announced the adoption of the Nigeria Inter-Bank Settlement System for processing payments to insured depositors of the defunct Heritage Bank. This decision comes in response to identified limitations within the Remita payment platform, which hindered efficient disbursement. This was disclosed by the Deputy Director of the NDIC at the […]

Failed banks liquidation delayed over ex-staff owed salaries, others - NDIC
News

NDIC pays out 82.36% of insured deposits to Heritage bank customers

The Nigeria Deposit Insurance Corporation has successfully disbursed 82.36% of the total insured deposits to customers of Heritage Bank, following the revocation of the bank’s license by the Central Bank of Nigeria on June 3, 2024. This payment was achieved within just four days of the bank’s closure. According to a statement from Bashir A. […]

Banking News

NDIC urge collaboration of law enforcement to combat banking fraud

The Nigeria Deposit Insurance Corporation urged law enforcement agencies to strengthen their partnership to curb banking fraud in the country. This was disclosed by the Managing Director/Chief Executive of NDIC, Bello Hassan on Thursday on Thursday at the annual capacity-building workshop for law-enforcement agents in Lagos, according to The Punch. Hassan, represented by the NDIC […]

News

Heritage Bank: NDIC begins verification, refund of depositors

The Nigerian Deposit Insurance Commission has started the liquidation process of the defunct Heritage Bank with verification and payment of the bank depositors. This was disclosed in a statement signed by the Director of Communication & Public Affairs, of NDIC, Bashir Nuhu on Monday, following its appointment as liquidator of Heritage Bank by the Central […]

News

NDIC to verify, pay Heritage Bank customers with BVN

The Nigeria Deposit Insurance Corporation has said that depositors it is currently verifying customers of the bank and will pay up to N5 million, depending on their deposits. NDIC stated that it has begun the liquidation process of Heritage Bank Plc as a result of the revocation of its banking license by the Central Bank […]

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