Nigeria Deposit Insurance Corporation
NDIC
About
The Nigeria Deposit Insurance Corporation (NDIC) is a statutory body that administers the Deposit Insurance System in Nigeria. It protects depositors and guarantees payment of insured sums when the Central Bank of Nigeria revokes the licence of a deposit-taking financial institution. The NDIC is a parastatal under the Nigerian Ministry of Finance. It works alongside the Central Bank's regulatory and supervisory role, advises the CBN on liquidating distressed banks, manages their assets until they are fully liquidated, and supervises insured banks. It also arranges takeovers of failed banks by other banks where needed.
History
The NDIC was established by NDIC Act No. 16 of 2006, with an exclusive mandate to administer the Deposit Insurance System in Nigeria. The corporation operates under the Nigeria Deposit Insurance Corporation Act (1990). In December 2007 the NDIC announced that from January 1, 2008 it would begin providing deposit insurance services to microfinance institutions in Nigeria.
Key Facts
Established
15 June 1988
Headquarters
Abuja, Nigeria
Managing Director/CEO
Thompson Oludare Sunday
Jurisdiction
Nigeria
Abbreviation
NDIC
Website
ndic.gov.ng