The Nigeria Deposit Insurance Corporation (NDIC) has begun the process of paying depositors of 182 banks that had their operating licenses revoked by the Central Bank of Nigeria (CBN).
![](https://thenigerialawyer.com/wp-content/uploads/2026/09/2026-IDRI-Masterclass.png")
The affected banks include 178 Microfinance Banks and four Primary Mortgage Banks. Sixty-two of them had already closed shop, 74 were declared insolvent while 12 were temporarily distressed and the remaining six voluntarily liquidated.
NDIC Managing Director Alhaji Bello Hassan gave the assurance at a two-day capacity-building workshop organized for senior management staff of the corporation in collaboration with the Bureau of Public Procurement (BPP) held at Ikot Ekpene, Akwa Ibom State.
Hassan, who was represented by Executive Director, Operation, Mustapha Ibrahim, said that the corporation would not compromise standards and would also ensure that there would be no public panic over the safety of bank deposits.
He stated that NDIC would continue to strengthen the financial system to appropriately support the economic advancement of the nation and also contribute meaningfully to financial system stability.
“It is also pertinent to remind ourselves of the role the NDIC continues to play as a key player in the Financial Safety-Net arrangement of the country’s banking system as a Deposit Insurer; others being; the prudential Regulation & Supervision, Failure Resolution, Deposit Insurance and Lender of Last Resort function of the Central Bank of Nigeria,” Hassan said.
“These components continue to safeguard the safety and soundness of the banking system as well as promote financial stability.”
Hassan expressed delight that the collaboration and training of Procurement Staff by BPP has facilitated waste reduction, blocked leakages, enhanced healthy competition and transparency, and by extension would make NDIC become “one of the Best Deposit Insurers in the world,” he explained.
In his remark, the Director-General of the Bureau of Public Procurement (BPP), Alhaji Mamman Ahmadu said that any public procurement without plans and records is tantamount to criminality.
Ahmadu, represented by Director, of Research and Development/ICT, Aliyu Aliyu assured that the agency would continue to collaborate with NDIC to ensure smooth sailing on procurement.
[A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
Available now for NGN 40,000 at ASC Publications, 10, Boyle Street, Onikan, Lagos. Beside High Court, TBS. Email publications@ayindesanni.com or WhatsApp +2347056667384. Purchase Link: https://paystack.com/buy/evidence-act-complete-annotation
______________________________________________________________________ “Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
