The Nigeria Deposit Insurance Corporation (NDIC) currently provides full insurance cover for 98.98 percent of Deposit Money Banks’ total deposits.

The Managing Director of the Corporation, Mr. Thompson Sunday, revealed this at the NDIC Special Day of the ongoing 20th Abuja International Trade Fair, with the theme, “Sustainability: Consumption, Incentives and Taxation”.

He restated NDIC’s commitment to ensuring financial sector stability, in collaboration with the Central Bank of Nigeria (CBN).

In a message read on his behalf by the Director of Performance Management, Mrs. Bimpe Akande, the MD said, “Currently, the NDIC insures depositors of Deposit Money Banks (DMBs), Mobile Money Operators and Non-Interest Banks, up to a coverage limit of five million naira. Depositors of Payment Service Banks (PSBs), Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) are insured up to two million naira.

“This enhanced coverage ensures that approximately 98.98% of total depositors in Deposit Money Banks, 99.27% in Microfinance Banks, 99.34% in Primary Mortgage Banks, and 99.99% in Payment Service Banks are protected, reflecting NDIC’s unwavering commitment to fulfilling its mandate.”

Mr. Sunday added, “We are dedicated to protecting Nigerians’ bank.  In collaboration with the Central Bank of Nigeria (CBN), we strive to maintain stability in the banking sector, enforce compliance with banking regulations, and exercise effective oversight over insured deposit-taking institutions.

“Our mission, embodied in the tagline ‘Protecting your bank deposits,’ is to promote financial inclusion and stability by reassuring Nigerians of the security of their savings.

“Significant progress has been made in protecting depositors’ funds, notably through the increase in the maximum deposit insurance coverage, which has broadened protection across various licensed banks.”

He added that the corporation had, over three decades, played a vital role in safeguarding depositors’ funds, particularly the most vulnerable, and fortifying the financial system.

The NDIC boss assured that banks’ depositors had no reason to worry about the safety of their funds, as all their claims in excess of the insured deposits.

He said, “In the event that a bank fails, depositors with account balances exceeding the insured coverage limit receive an initial payment up to the maximum insured amount.

“Their remaining balances are then paid through liquidation dividends. Liquidation dividends refer to payouts made to depositors and creditors from the proceeds generated from the sale of a failed bank’s assets and recovered debts during the liquidation process.

“These dividends are usually paid on a pro-rata basis, meaning depositors receive a proportionate share of the recovered funds relative to their outstanding balances beyond the insured limit.”

Ponzi schemes 

Mr. Sunday warned members of the public against patronising Ponzi schemes and other fraudulent investment platforms.

His words, “I would like to emphasise the importance of Nigerians to remain vigilant against Ponzi schemes and other fraudulent investment platforms.

“Always ensure your funds are placed only in Central Bank of Nigeria licensed banks, all of which are covered by deposit insurance provided by the NDIC. This vigilance is crucial to protecting your hard-earned savings.”

Earlier, the President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu (SAN) commended the corporation for providing comfort to Nigerian depositors.

He pledged the chamber’s collaboration with the NDIC with a view to providing public awareness on the safe deposit of savings in the country.

“We are pleased to note the alignment between this theme and the mandate of the NDIC, which provides a safety net for depositors, contributes to financial system stability, and supports confidence in our banking sector,” the president said.

Chief Obegolu, who was represented by the Director-General of the ACCI, Sir Agabaidu Jidani, said the NDIC was more than a regulator, describing it as “a strategic partner in advocacy and economic development.”

He added, “By working together, we can build stronger linkages between financial safety, enterprise growth, and national development.

“This synergy is vital in advancing Nigeria’s competitiveness, reducing business risks, and ensuring that our financial system supports innovation, job creation, and sustainable investment.”

He urged the public to engage with the corporation, learn more about the Deposit Insurance Scheme, and take full advantage of the protection and services it provides.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has attributed the recent rise in Nigeria’s external reserves to the clearing of the foreign exchange backlog and sustained efforts to improve transparency in the FX market.

As of Tuesday, the nation’s external reserves stood at $42.35bn. Cardoso spoke on Friday at a fireside chat during the inaugural CBN Governor Annual Lecture Series, held at Lagos Business School under the theme ‘Next Generation Leadership in Monetary Policy and Nation Building.’

The CBN recently completed payments on the verified FX backlog after a forensic audit by Deloitte, which uncovered significant irregularities in some forward contracts.

Explaining why he chose to clear the backlog despite not inheriting it, Cardoso said restoring Nigeria’s credibility was a non-negotiable priority when he assumed office.

“When I took office, I made a promise. We would clear the verifiable backlog of monies owed by Nigeria to third parties. To be honest, I had no idea how we were going to do it, but it was not negotiable. We needed to protect and maintain our integrity,” he said.

Describing the move as a “huge sacrifice,” he stressed that credibility and trust were essential to attracting long-term investment.

“If we are a going concern, and if we expect people to trust and invest in our economy, we must keep our promises. That action contributed in no small way to the rise in our reserves. People invest when they see credibility and transparency.”

Cardoso highlighted several reforms aimed at strengthening confidence in the apex bank. These include open, televised Q&A sessions after every Monetary Policy Committee  meeting, regular publication of audited financial statements — breaking with years of opacity, and  disclosure of Nigeria’s net reserves position at the end of 2024, a move that surprised sceptics and reassured international investors.

“Many doubted we would publish the net reserves figure. But we gave a date, we delivered, and that gave investors confidence in the CBN,” Cardoso noted.

He also pointed to the adoption of a B-matching electronic trading system in the FX market to ensure transparency.

“The system makes rates and transactions visible to all. The market has become more transparent, eliminating the situation where some had privileged access to FX while others did not.”

Cardoso reiterated that his reforms aim to ensure that Nigerians can do business without undue influence or connections.

“By the time I leave the Central Bank, you won’t need to know anybody to get your business going. Today, most Nigerians can already use their naira debit cards abroad, something unthinkable two years ago.”

He stressed that the CBN’s core mandate remained economic stability, noting that stability was key to attracting serious investors.

Nigeria’s food companies have been given 18 months to eliminate industrially produced trans-fatty acids from their products.

The National Agency for Food and Drug Administration and Control announced on Friday as part of a new national strategy to address a major public health risk.

Trans fats, commonly found in processed oils, baked goods, and fried foods, are strongly linked to heart disease, stroke, and premature death. According to NAFDAC, the roadmap adopts a phased approach, including product reformulation, laboratory capacity strengthening, compliance monitoring, public education, and collaboration with government and civil society.

The Director-General of NAFDAC, Professor Mojisola Adeyeye, said in a keynote address shared on X (formerly Twitter) that the roadmap shifts the country from policy creation to aggressive enforcement and implementation.

“The removal of industrially produced trans fats from the food chain is not only a technical achievement but also a moral imperative. Eliminating these fats is possible, achievable, necessary, and urgent,” she said, calling for national collaboration.

The 18-month transition period is designed to allow manufacturers to exhaust existing stock and reformulate their products to meet the new legal limits.

The announcement follows Nigeria’s recognition in 2023 by the World Health Organization for adopting best-practice policies on trans-fat elimination. The new roadmap is expected to secure WHO validation of Nigeria’s full elimination programme and establish the country as a regional leader in public health interventions.

NAFDAC noted that the action targets one of the most harmful dietary risk factors globally, given the strong association of trans fats with cardiovascular disease, stroke, and premature death.

WHO recommends that industrial trans fats be completely removed from food supplies and that intake should not exceed one per cent of total daily energy. The organisation has recognised countries such as Denmark, Lithuania, Poland, Saudi Arabia, and Thailand for successfully eliminating industrial trans fats through mandatory reformulation policies.

Several others, including members of the Eurasian Economic Union (Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia), as well as Iran, Bahrain, Kuwait, South Africa, and India, have also introduced strict limits or mandatory reductions on trans fats.