The Nigeria Deposit Insurance Corporation (NDIC) has announced the commencement of the overall review of contribution of banks to Deposit Insurance Fund (DIF) to a more risk-based approach.

Equally, the corporation disclosed that it had successfully made payment of about N8.62 billion to over 443,946 insured depositors as dividends for banks liquidated throughout the country as at 30th September, 2021

The Corporation revealed that another payment of about N100.080 billion had been paid to uninsured depositors across the country.

The Managing Director/Chief Executive Officer of NDIC, Mr. Bello Hassan, made these disclosures during the 2021 Edition of the annual NDIC Editors Forum held during the weekend in Lagos.

While delivering his keynote address at this year’s NDIC annual Editors workshop which was themed; “Enduring Extreme Disruptions: Resilience & Reinvention for Banking System Stability & Deposit Insurance,” Mr. Hassan noted that the review of banks contributions to DIF is to ensure that the probability of the risk crystallizing becomes a major factor in the pricing methodology of premium/contribution going forward.

“Our key policy thrust is to scale up the deposit insurance framework, timely support to insured to insured institutions as and when required,faster and orderly resolutions of failed insured institutions as well as assistance to monetary authorities in promoting stability in the banking system,” he assured.

He added that there was “need for the Corporation to reinvigorate its strategies and initiatives in the face of extreme disruption in the banking industry and other topical issues.”

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