Introduction
This section presents a set of Frequently Asked Questions (FAQs) and Answers that would give more insights on the concept and practice of DIS in Nigeria as well as new developments in the financial services industry.
Question 1: What is Deposit Insurance?
Answer: Deposit Insurance is a system established by government to protect depositors against the loss of their insured deposits placed with member institutions in the event that a member institution is unable to meet its obligations to depositors. It engenders public confidence in, and promotes the stability of, the banking system by assuring savers of the safety of their funds.
Question 2: Why is Deposit Insurance Necessary?
Answer: If a financial institution is unable to meet its obligations to depositors due to operational problems or business failure, anxious depositors may cause a run on the bank as well as other healthy institutions. The government has, therefore, established a deposit insurance mechanism, under which the NDIC is empowered to provide protection for small depositors and contribute to financial and social order.
Question 3: Who administers Deposit Insurance System in Nigeria?
Answer: The NDIC is the agency empowered to administer the DIS in Nigeria, thereby protecting depositors of deposit-taking financial institutions. The NDIC provides incentives for sound risk management in the Nigerian banking system as well as contributes to the stability of the financial system.
Question 4: Is Deposit Insurance the Same as Conventional Insurance?
Answer: No. Deposit insurance is different from conventional insurance in several respects. Some of the differences include the following:
a. Deposit insurance is a regulatory tool aimed at ensuring the safety, soundness, and stability of a nation’s financial system, thereby protecting the macro-economy at large. On the other hand, conventional insurance policy is designed only to protect the micro-interest of the policyholder.
b. Deposit insurance is usually a tripartite arrangement involving the deposit insurer, the participating institutions, and the depositors, whereas conventional insurance is a bilateral agreement between the insurance company and the insured (policy-holder).
c. Under deposit insurance, the participating institution pays the premium while the direct beneficiary of the protection offered is the depositor who does not pay any premium. In the case of conventional insurance, the beneficiary, who is the insured, pays the premium.
d. Best practice dictates that participation in deposit insurance should be compulsory, participation in conventional insurance contract is generally voluntary.
e. Under deposit insurance, best practice prescribes that the amount of coverage should be limited, whereas in the case of conventional insurance, coverage may be full.
Question 5: Who are the Insured Institutions under the Deposit Insurance System in Nigeria?
Answer: Insured institutions are all deposit-taking financial institutions licensed by the Central Bank of Nigeria (CBN) such as:-
a. Banks (Commercial and Merchant);
b. Microfinance Banks (MFBs);
c. Primary Mortgage Banks (PMBs);
d. Payment Service Banks (PSBs);
e. Non-Interest Banks (NIBs).
Membership is compulsory as provided under the NDIC Act No 16 of 2006.
Question 6: What is Pass-Through Deposit Insurance (PTDI)?
Answer: The NDIC provides deposit insurance coverage to subscribers of Mobile Money Operators (MMOs) using the Pass-Through-Deposit-Insurance Concept. It is an arrangement where the deposit insurer extends deposit insurance coverage to Pool Accounts or Trust Accounts domiciled in deposit-taking financial institutions and operated by MMOs. Pool Accounts and Trust accounts have many contributors to the funds. The balances of each contributor in that Pool Account are insured.
Question 7: What are the Eligibility Criteria for Pass-Through-Deposit Insurance Cover?
Answer: The conditions for eligibility as contained in the framework are as follows:
i.The relationship between the MMOs and their subscribers shall be based on Bare Trust
arrangement.
ii.MMOs must take Fidelity Bond Insurance.
iii.The records of the Trust (pool) account must clearly indicate that the funds belong to individual
subscribers and not the agent or custodian.
iv.The identities of the subscribers must fulfil all KYC requirements specified by the CBN.
v.The interests of the subscribers must be disclosed properly in records maintained by the insured
institutions, MMOs, and Agents.
Question 8: What is the Maximum Cover for Subscribers under the Pass-Through-Deposit Insurance Scheme?
Answer: The subscribers of MMOs will be insured up to the maximum coverage level of ₦500,000 (Five Hundred Thousand Naira) per subscriber per DMB or the applicable coverage level for depositors in line with the NDIC Act.
Question 9: Are MMOs Covered under Pass-Through-Deposit Insurance (PTDI)?
Answer: No. MMOs are not covered under the PTDI but their corporate account in banks are covered up to the maximum amount allowed by law.
Question 10: Where can Complaints about PTDI be lodged?
Answer: All grievances or queries concerning the Pass-Through Deposit Insurance coverage could be channelled through the NDIC HELP DESK Toll Free Line on 0800-6342-4357 (0800-NDIC-HELP) or send email to helpdesk@ndic.gov.ng, info@ndic.gov.ng.
Question 11: Who is an Agent and Custodian under MMO arrangement?
Answer: An agent is an individual or organisation authorised by a MMO to transact business on its behalf in certain locations while a custodian is an entity with the responsibility for safeguarding, holding, and managing subscribers’ funds on behalf of the MMOs. It is usually a bank licensed by the CBN.
Question 12: What is a Pool (Trust) Account?
Answer: An account opened and operated by a MMO in an insured institution on behalf of its subscribers.
Question 13: What is a Bare Trust?
Answer: This is a situation where each beneficiary of an account holds a separate share and is entitled to protection within the parameters of the scheme.
Question 14: How can the Public find out if a Financial Institution is insured by the NDIC?
Answer: 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 website: www.ndic.gov.ng
Question 15: Which Financial Institutions are not covered by the NDIC?
Answer: The financial institutions not covered by the NDIC include:
a. Development Finance Institutions such as Bank of Industry, Federal Mortgage Bank, Bank of
Agriculture and Infrastructure Bank
b. Discount Houses
c. Finance Companies
d. Investment Firms
e. Unit Trusts/Mutual Funds
f. Insurance Companies
g. Pension Fund Administrators (PFAs)
h. Stockbroking Firms
i. Any other institution as determined by the Board of the NDIC as stipulated in the NDIC Act.
Question 16: What type of Deposits are Insured by the NDIC?
Answer: 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;
ii.Insider deposits (i.e. deposits of staff, including directors of the insured institutions); and
iii.Deposits held as collateral for loans.
Question 17: Whose Deposits do the NDIC Insure?
Answer: The NDIC insures bank deposits of natural persons as well as legal entities, whether they are from Nigeria or from any other country but resident in Nigeria.
Question 18: How does the NDIC Assess Premium and Who Pays for the Insurance Premium?
Answer: Participating institutions are required to pay annual premium to the deposit insurance system administered by the NDIC. The premium is assessed based on participating institutions’ total assessable deposit liabilities as at December 31 of the preceding year. The assessable deposit liabilities are total deposits with the exception of some deposits listed in Section 16 of the NDIC Act 2006. The NDIC has adopted Differential Premium Assessment System (DPAS).
Question 19: How does the NDIC Protect the Insurance Fund?
Answer: The NDIC protects the Insurance Fund by keeping it with the CBN and investing the Fund in safe but liquid financial instruments such as Treasury Bills, Federal Government Bonds, and instruments of similar nature.
Question 20: Does the NDIC finance its Operations from the Insurance Fund?
Answer: No. NDIC finances all its overhead and administrative expenses from its investment income. The main source of income for the NDIC is the proceeds from investment of the insurance fund in securities issued by the Federal Government. The insurance fund is used only for paying insured deposits when an insured institution fails as well as for granting financial assistance to deserving participating institutions. The NDIC does not enjoy subvention from the government.
Question 21: What is Sustainable Banking?
Answer: Sustainable banking is a value system, which ensures that a bank's commercial activities do not only benefit its staff and shareholders, but also its customers and the wider economy, while at the same time prevent or at least minimize any undue effects on the society and natural environment. Sustainable banking has many labels: corporate social responsibility, corporate responsibility, corporate citizenship, environmental and social governance.
In Nigeria, the Bankers' committee, which the Central Bank of Nigeria (CBN), NDIC, and all the banks in the country are members, pledged to embrace the concept of sustainable banking and went ahead to develop a set of principles called Nigeria Sustainable Banking Principles (NSBP), which all members are required to subscribe to and implement.
Question 22: How does NDIC promote Sustainable Banking?
Answer: The NDIC plays two roles in terms of the implementation of sustainable banking. First as a member of the Bankers' Committee, it is duty bound to implement the agreements of the committee. Secondly, as a supervisor in the banking industry, the NDIC has the duty of ensuring that operators in the system comply with the pledge to adopt the principles in their institutions. As part of its efforts at achieving the implementation and integration process, the NDIC came up with the following initiatives:
i. Set-up sustainability desk in the Managing Director's office.
Question 23: What is Financial Technology (FinTech)?
Answer: FinTech represents the intersection of financial services and technology. It is technology-enabled innovation in financial services. FinTech can refer to technology companies, start-ups or traditional financial services providers. The use of smartphones for mobile banking and investing services are examples of technologies deployed to make financial services more accessible to the general public.
Question 24: What is Open Banking?
Answer: Open banking refers to an emerging idea in the financial services and fintech which stipulates that banks should allow third party companies to build applications and services using shared bank data. Its benefits include new revenue streams, improved customer experience, and can enable financial inclusion.
Question 25: What is Cryptocurrency?
Answer: It is an unregulated form of monetary value that is used as a medium of exchange and for payments. It has no physical form and is not issued by a central bank, therefore it is not insured by deposit insurers like the NDIC. Cryptocurrency is sometimes referred to as virtual or digital currency. The first cryptocurrency is the Bitcoin created in 2009. Others are LiteCoin, Ethereum, etc.
Question 26: Are Bitcoin and other Cryptocurrencies Legal Tender in Nigeria?
Answer: No. The Central Bank of Nigeria (CBN) does not recognise Bitcoin or any other form of cryptocurrencies as legal tender in the country.
Question 27: What is Blockchain?
Answer: Blockchain is a form of Distributed Ledger Technology (DLT). This means that, it maintains records of all cryptocurrency transactions on a distributed network of computers, but has no central ledger. It is the technology that has made the first digital currency, the Bitcoin, possible.
Question 28: What is Single Customer View?
Answer: A Single Customer View is an aggregated, consistent and holistic representation of the data known by an organisation about its customer. In terms of deposit insurance, it is the collation of all the information on a depositor (all his bank information in every bank across the country) and considered as a single identity. In Nigeria, the Bank verification Number (BVN) system has now created a database where all bank customers are captured and their accounts are linked. The initiative will aid the speed of making pay-out of insured sums to depositors after an insured institution is liquidated.
Question 29: How does NDIC Protect Bank Depositors against Loss?
Answer: 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 depositor in Banks and PMBs and N200,000 to a depositor in MFBs in the event of failure of a participating financial institution. Balances in all deposit accounts held in the same right and capacity by a depositor in all branches of the closed insured institution, net of outstanding debts, are aggregated to determine the maximum insured amount.
b) Bank Supervision
The NDIC supervises banks to protect depositors, ensure monetary stability, and effective/efficient payment system as well as to promote competition and innovation in the banking system. Banking supervision seeks to reduce the potential risk of failure and ensures that unsafe and unsound banking practices do not go unchecked. It also provides the oversight functions required to preserve the integrity of and promote public confidence in the banking system.
c) Failure Resolution
The NDIC is empowered to provide financial and technical assistance to failing or distressed banks in the interest of depositors. The financial assistance can take the form of loans, guarantee for loan taken by the bank or acceptance of accommodation bills. On the other hand, the technical assistance may take the following forms: take-over of management and control of the bank; change in management; and/or assisted merger with another viable institution.
Question 30: How does NDIC Establish Ownership of a Bank Deposit?
Answer: The NDIC relies on deposit account records kept by a failed bank as well as on the proofs presented by depositors.
Question 31: As a Depositor, must I apply for a Deposit Insurance Cover?
Answer: No. A depositor does not need to. Under the deposit insurance system, eligible deposit accounts in insured institutions are automatically insured at no charge to any depositor.
Question 32: When is Insured Deposit Payable?
Answer: Insured deposit is payable only when an insured institution has been closed as a result of action taken by the Central Bank of Nigeria or when there is suspension of payment by a bank.
Question 33: What Methods of Payment does the NDIC use in meeting its Obligations to Depositors of a Failed Institution?
Answer: 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 be collected at the NDIC’s designated centres, usually the closed bank’s offices or by directly crediting the depositor’s account using e-payment platform.
Payments could also be made through Purchase and Assumption, whereby a healthy bank assumes part or all of the deposit liabilities of a failed insured bank and depositors could either withdraw the money at the acquiring bank or continue to maintain their accounts with the bank.
Question 34: What does a Deposit Transfer Involve?
Answer: The NDIC transfers an amount equivalent to the total insured deposits of a failed insured institution to another financial institution under an agreement which will enable depositors of the failed insured institution to collect their entitlements from the financial institution.
Question 35: How are the Insured Sums Collected?
Answer: Insured sums are collected by depositors on filing their claims through the completion of relevant forms provided by the NDIC. In addition, they have to furnish the NDIC with account documents such as unused cheque books, old cheque stubs, passbooks, fixed deposit certificates, etc. Each depositor would also be required to identify him/herself with a valid identification document such as National Identity Card, Driver’s Licence or International Passport. After verification of ownership of the account as well as the account balance, the depositor would be duly paid the insured sum by cheque or deposit transfer through an Agent Bank or Acquiring Bank.
Question 36: What should a Depositor of a Failed Bank do if he or she loses Passbook or Savings Documents?
Answer: The depositor would be required to present a Police report along with a sworn affidavit duly certified by a Court. The depositor would also be required to identify himself/herself with a valid identification document like National Identity Card, National Voters Card, Driver’s Licence or International Passport.
Question 37: Can a Depositor Leave His/Her Deposits with the Transferee Institution?
Answer: Yes. A depositor, if he/she wishes, can open an account with the transferee institution for the full amount or part of his/her deposits.
Question 38: Does the NDIC Protect the Interests of Creditors or Shareholders of a Bank?
Answer: The primary mandate of the NDIC is to protect depositors. However, through supervision to ensure safety and soundness of banking institutions, the interest of creditors and shareholders are also protected. In the event of bank failure, creditors and shareholders could be paid liquidation dividends after depositors had been fully reimbursed.
Question 39: What is Liquidation Dividend?
Answer: This is a payment made to a depositor of a failed insured institution in excess of the insured sum. While the insured sums are paid from the DIF, SIIF or NIDIF as the case may be liquidation dividends are paid from funds realized from the sale of the assets and recoveries of debts owed to the failed insured institution.
Question 40: What is the Current Insured Limit and why is it limited to a Fixed Sum?
Answer: The insured limit is currently a maximum of ₦500,000 for each depositor in respect of deposits held in each insured Deposit Money Bank (including Non-Interest Banks) and Primary Mortgage Bank and ₦200,000 for depositor in MFB in the same right and capacity. The amount to be reimbursed has to be defined. Limited coverage is to minimize moral hazard through excessive risk-taking by bank management and depositors. Unlimited coverage could constitute a perverse incentive for excessive risk-taking.
Question 41: If a Depositor has an Account in the Main Office of a Bank and also at a Branch Office, are these Accounts Separately Insured?
Answer: No. The main office and all branches are considered to be one institution. Therefore, the accounts would be added together and covered up to the maximum insured sum.
Question 42: If a Depositor has Deposit Accounts in Different Insured Banks, will the Deposits be added together for the Purpose of Determining Insurance Coverage?
Answer: No. The maximum insurance limit is applicable to deposits in each of the participating banks. In the case of a bank having one or more branches, the main office and all branch offices are considered as one bank. In summary, if a person has many accounts in one bank, all the deposits are taken together as one account even if the deposits are in various branches of the same bank. On the contrary, if a depositor has accounts in more than one bank, they are insured independently up to the maximum insured sum per bank.
Question 43: Is the Insurance Protection increased by Placing Funds in two or more Types of Deposit Accounts in the same Participating Institution?
Answer: No. Deposit insurance is not increased merely by dividing funds held in the same right and capacity among the different types of deposits available. For example, demand, time and savings accounts held by the same depositor in the same right and capacity are added together and insured up to the maximum insured sum.
Question 44: Is there any Arrangement in Place by the NDIC to Waive or Reduce Premium Payable over time for Insured Institutions?
Answer: Section 12 of the NDIC Act 16 of 2006 provides that subject to stated conditions, part of the NDIC's surplus can be applied to reduce premium payable by insured institutions. Furthermore, the NDIC already applied differential premium assessment for the banks and PMBs. However, the NDIC is considering adopting DPAs for the MFBs such that premium payable by such Institutions would be based on their risk profile.
Question 45: Would Funds Released by Federal Mortgage Bank for NHF Loans and other Poverty Alleviation Funds, Donor Funds, Deposit for Shares with PMBs/MFBs be included as Deposits when Computing the Deposit Insurance Premium?
Answer: No. Special funds such as Donor funds or other funds that are for onward disbursement to beneficiaries are excluded from assessable deposits. The onus is on the insured institutions to ensure proper classification of such funds in their books.
Question 46: If a Husband and Wife or any two or more Persons, have, in addition to their Individual Accounts, a Joint Account in the same Insured Bank, is each Account Separately Insured?
Answer: Yes. If each of the co-owners has personally signed a valid mandate card and has a right of withdrawal on the same basis as the other co-owners, the joint account and each of the individually-owned accounts are separately insured up to the insured maximum sum.
Question 47: If a Person has an Interest in more than One Joint Account, What is the Extent of His or Her Insurance Coverage?
Answer: As long as the combination of the joint accounts is not the same, the account will be insured separately up to the maximum insured limit. Where the joint accounts are owned by the same combination of individuals then the accounts will be added and the total insured up to the maximum insured sum.
Question 48: What is the Status of Depositors in a Case Where an Insured Microfinance Bank or Primary Mortgage Bank is acquired by another Insured MFB or PMB?
Answer: The depositors of the acquired insured MFB or PMB will continue to be insured up to the maximum of ₦200,000 for MFBs and ₦500,000 for PMBs in the aggregate with respect to deposits he or she holds in the same right and capacity.
Question 49: Can Insured-Status of a Licensed MFB or PMB be terminated?
Answer: Yes. But notice is always given to depositors before termination of insurance. Depositors should take precaution to verify that the MFB or PMB they are dealing with is insured and pay deposit insurance premium annually.
Question 50: Are Accounts Held by a Person as Executor, Administrator, Guardian, Custodian, or in Some Other Similar Fiduciary Capacity Insured Separately from His or Her Individual Account?
Answer: Yes. If the records of the bank indicate that the person is depositing the funds in a fiduciary capacity such funds are insured separately from the fiduciary’s individually-owned account. Funds in an account held by an Executor or Administrator are insured as funds of the deceased’s estate. Funds in accounts held by guardians, conservators or custodians (whether court-appointed or not) are insured as funds owned by the ward and are added to any individual accounts of the ward in determining the maximum coverage. Account in which the funds are intended to pass on the death of the owner to a named beneficiary, are considered testamentary accounts and are insured as a form of individual account. If the beneficiary is a spouse, child or grand-child of the owner, the funds are insured for each owner up to a total of the maximum insured sum separately from any other individual accounts of the owner. In the case of a Revocable Trust Account, the person who holds the power of revocation is considered the owner of the funds in the account.
Question 51: When an Account is Held by a Person Designated as Agent for the True Owner of the Funds, How is the Account Insured?
Answer: The account is insured as an account of the principal or true owner. The funds in the account are added to any other accounts owned by the owner and the total is insured up to the maximum sum.
Question 52: Is an Account Held by either a Company or Partnership, Insured Separately from the Individual Accounts of Shareholders or Partners?
Answer: Yes. If the Company or Partnership is engaged in an independent activity, its account is separately insured up to the maximum insured sum. The term Independent activity means any activity other than one directed solely at increasing insurance coverage.
Question 53: If a Depositor has more than the Maximum Insured Amount as Deposit in a Closed Bank, Is He Entitled to any further Claim for the amount of His Deposits in Excess of the Maximum Insured Amount paid by the NDIC?
Answer: Yes. In a situation where the amount of depositors’ fund in a closed bank exceeds the maximum insured amount, the owners of such accounts will share, on a pro-rata basis, in any proceeds from the liquidation of the bank’s assets with other general creditors, including the NDIC.
Question 54: Does the Borrower’s Obligations to the Institution Continue after the Institution is closed?
Answer: Yes. When acting as Liquidator of a closed institution, the NDIC is acting on behalf of all creditors of that institution and its obligation is to collect all loans promptly and efficiently along with other assets of the institution.
Question 55: What does Purchase and Assumption (P&A) Mean?
Answer: Purchase and Assumption (P&A) is a failure resolution mechanism which involves purchasing the assets of a failed bank and assuming its liabilities by another healthy insured bank(s).
Question 56: What does Open Bank Assistance (OBA) Mean?
Answer: 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 form of equity and/or loan capital; and re-organisation and overhauling of the bank including rationalization of staff and branches.
Question 57: Can Someone Retrieve the Insured Funds of a Deceased Relative from a Failed Bank in-Liquidation?
Answer: Yes. To process such claims, a Letter of Administration and a Probate from a Court of Law would be required to be presented to NDIC in addition to all other documents which are to serve as proof of ownership of such account.
Question 58: What is a Bridge Bank?
Answer: A bridge bank is a temporary bank established and operated usually by a deposit insurer to acquire the assets and assume the liabilities of a failed bank until a final resolution is accomplished. The bridge bank would permit continuity of banking services to all customers and fully protect all the depositors and creditors of the failed bank pending final resolution. A bridge bank is usually set up for a specified period of time within which the Deposit Insurer would find an interested investor.
Question 59: How do Clients of defunct Banks (Such as AllStates Trust Bank) claim their Deposits from the Acquiring Banks (Such as Ecobank Plc)?
Answer: The client of the defunct bank should contact the acquiring bank. In case of unresolved claims, contact NDIC through any of the channels provided in the answer to Question 65.
Question 60: How are Depositors of failed Insured Institutions informed about the Commencement of Payment of Insured Deposits by the NDIC?
Answer: Announcements would be made through the media (television, radio, newspapers) and NDIC posters at the Head Offices and branches of the closed banks as to when the payment of deposits would commence.
Question 61: How can a Depositor, whose name was omitted from the Deposit Register of a Failed Institution make a Claim?
Answer: The depositor should contact NDIC through any of the channels provided in the answer to Question 65.
Question 62: What is a Payment Service Bank?
Answer: Payment Service Banks are deposit-taking financial institutions licensed by the CBN to carry out payments and remittance services through various channels including banking agents and mobile and electronic channels. They are to operate in rural and unbanked locations and are not permitted to grant any forms of loans/advances or trade in the foreign exchange market.
Question 63: What is NDIC doing in Relation to Consumer Protection?
Answer: The NDIC undertakes supervision of insured institutions with the objective of protecting consumers. It established consumer protection desks in order to promptly respond to series of complaints it receives against banks and other financial institutions on a daily basis. This is achieved sometimes through the conduct of investigations by the NDIC Examiners.
Question 64: What is NDIC doing in Promoting Financial Literacy?
Answer: The NDIC publishes and distributes books on deposit insurance and banking to enlighten the public. Recently, a book on basic knowledge on banking and deposit insurance was distributed to all secondary schools nationwide with the aim of catching them young. The NDIC also undertook a study on financial literacy, the report of which was published in book form in order to facilitate readership within the banking public and to assist stakeholders address the challenges of financial literacy.
Question 65: How can the Public contact NDIC about Questions and Suggestions Regarding Deposit Insurance?
Answer: NDIC has set up the following contact channels to provide customer service to the public:
a. To obtain quick answers to your questions, call our Help Desk Line: 0800-6342-4357; and 09 – 460 - 1030.
b. You can also send comments to NDIC by mail to: The Managing Director/Chief Executive Officer, Nigeria Deposit Insurance Corporation, Plot 447/448 Constitution Avenue, Central Business District, Airport Road, P.M.B. 284, Garki, Abuja.
E-mail – belloh@ndic.gov.ng
c. Information on NDIC and the deposit insurance system can be accessed from our website at: www.ndic.gov.ng. You can also submit comments or questions through the web site. In addition, you can reach us through our toll-free line: 080063424357 (0800NDICHELP).