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122:) is a statutory body established by NDIC Act No. 16 of 2006 with exclusive mandate of administering the Deposit Insurance System (DIS) in Nigeria. As one of the components of the nation's financial safety-net arrangement, the NDIC has the responsibility of protecting depositors and guaranteeing the payment of insured sums when the license of a deposit-taking financial institution is revoked by the
170:, saying the bank did not have enough assets to meet liabilities and did not comply with CBN obligations, and that the regulators had to prevent further deterioration. The NDIC took over as liquidator, sealing the bank's offices. The matter dragged through the courts, with the bank's owners eventually being awarded damages of N100 million in February 2009.
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Under a
Purchase & Assumption arrangement, the NDIC may arrange for the assets and liabilities of a failed bank to be taken over by another bank. For example, in October 2007 the United Bank for Africa assumed the fixed assets and private sector deposit liabilities of African Express Bank under
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The NDIC has a supervisory role over insured banks. In April 1996, the Chief
Executive of NDIC said that the corporation had 514 case files of insider abuse and corruption for the police to prosecute. In December 2007, the NDIC announced that as of January 1, 2008 it would start providing deposit
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At times, the NDIC has been caught up in controversy over legal actions against managers and others who have caused insured banks to fail. Shortly before his retirement in July 2009, the
Nigeria Deposit Insurance Corporation accused the Inspector General of Police
138:. The corporation is charged with protecting the banking system from instability occasioned by runs and loss of depositors' confidence. It operates under the Nigeria Deposit Insurance Corporation Act (1990). The NDIC is a member of the
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150:. The NDIC advises the CBN in the liquidation of distressed banks and manages distressed banks' assets until they are fully liquidated.
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of failing to repay a N166 million loan he obtained between 2000 and 2001 from the Lead Bank, since liquidated.
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To protect depositors' funds and ensure the safety and soundness of the
Nigerian banking system
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445:"Okiro owes failed bank N166m - NDIC - It's a personal deal - Police - Reps summon him"
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346:"Nigerian Deposit Insurance Corporation (NDIC) Insures Microfinance Institutions"
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398:"UBA takes over Afex Bank …Pays out N9bn to customers of acquired banks"
142:. The NDIC complements the regulatory and supervisory role of the
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insurance services to microfinance institutions in
Nigeria.
367:"Case Review: Savannah Bank Plc c. Central Bank of Nigeria"
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252:. International Centre for Nigerian Law. Archived from
424:"NDIC Forecloses Soft Landing for Failed Bank Chiefs"
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In
February 2002, the governor of the Central Bank,
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400:. Daily Sun. October 10, 2007. Archived from
325:"Nigeria Clamps Down on Rogue Bank Directors"
302:. Economist Intelligence Unit. Archived from
205:"Men that Shaped the Central Bank of Nigeria"
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348:. Prisma MicroFinance Inc. December 17, 2007
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250:"Nigeria Deposit Insurance Corporation Act"
166:, issued a notice revoking the license of
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372:. Perchstone & Graeys. Archived from
482:Government agencies established in 1988
231:. Nigeria Deposit Insurance Corporation
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502:Nigerian companies established in 1988
140:Financial Reporting Council of Nigeria
116:Nigeria Deposit Insurance Corporation
20:Nigeria Deposit Insurance Corporation
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134:The NDIC is a parastatal under the
146:(CBN), although it reports to the
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447:. Nigerian Tribune. July 23, 2009
327:. New Straits Times. Apr 13, 1996
300:"Nigeria Banks: Bank Regulators"
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203:Williams Ekanem (May 3, 2009).
31:NDIC Head Office Building Abuja
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16:Nigeria Insurance Corporation
136:Nigerian Ministry of Finance
148:Federal Ministry of Finance
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426:. This Day. April 12, 2009
472:Banks established in 1988
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144:Central Bank of Nigeria
124:Central Bank of Nigeria
107:http://www.ndic.gov.ng/
277:. NASB. Archived from
477:Government of Nigeria
229:"About NDIC: History"
164:Joseph Oladele Sanusi
94:Managing Director/CEO
487:Insurance in Nigeria
404:on October 12, 2007
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497:Banking in Nigeria
84:Official language
492:Deposit insurance
174:direction of the
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130:Organization
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98:Bello Hassan
61:Headquarters
40:15 June 1988
466:Categories
451:2009-09-26
430:2009-09-28
383:2010-03-01
352:2009-09-28
331:2009-09-28
310:2009-09-28
285:2011-06-05
260:2009-09-28
235:2009-09-28
214:2010-03-02
190:References
184:Mike Okiro
158:Activities
37:Formation
126:(CBN)..
69:Location
103:Website
88:English
75:Nigeria
53:Purpose
377:(PDF)
370:(PDF)
410:2009
120:NDIC
114:The
45:Type
176:CBN
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