Is NDIC granting any financial assistance to my bank during crisis?

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• How does NDIC Protect Bank Depositors against Loss?

  The NDIC protects bank depositors against loss through: a) Deposit Guarantee This is the most significant and distinct role of the NDIC. As a deposit insurer, the NDIC guarantees payment of deposits up to the maximum insured sum of N500,000 to a ...

• How can the Public find out if a Financial Institution is insured by the NDIC?

  To identify insured financial institutions, look out for an NDIC decal (sticker) displayed in the Head Offices and Branches of all insured institutions or call our HELP DESK LINE – 0800-6342-4357 (0800 – NDIC - HELP); and 234-9-4601030 or visit our ...

• What Methods of Payment does the NDIC use in meeting its Obligations to Depositors of a Failed Institution?

  The NDIC could pay depositors of a failed insured institution either by transfer to a financial institution with instructions to effect payments to depositors on its behalf, or directly by means of issuing cheques up to the insured limit which will ...

• What does Open Bank Assistance (OBA) Mean?

  Open Bank Assistance (OBA) is a situation where a failing insured institution is assisted to continue to operate in the same name on a going concern basis. It may involve change in ownership and management of the bank; injection of fresh funds in the ...

• What type of Deposits are Insured by the NDIC?

  Not all deposits in insured institutions are covered by the NDIC. All deposits of a licenced bank or any other insured deposit-taking financial institution shall be insured with the NDIC with the exception of the following: i.Inter-bank takings; ...