How does the NDIC Assess Premium and Who Pays for the Insurance Premium?

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• 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 ...

• Does the NDIC finance its Operations from the Insurance Fund?

  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 ...

• How does the NDIC Protect the Insurance Fund?

  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.

• Is there any Arrangement in Place by the NDIC to Waive or Reduce Premium Payable over time for Insured Institutions?

  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 ...

• How can the Public contact NDIC about Questions and Suggestions Regarding Deposit Insurance?

  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: ...