How does NDIC Establish Ownership of a Bank Deposit?

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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 ...

• FAQS and Facts about Deposit Insurance in Nigeria

  FAQs and Facts About DIS in Nigeria 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 ...

• 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?

  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 ...

• 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; ...

• Does the NDIC Protect the Interests of Creditors or Shareholders of a Bank?

  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 ...