The corporation’s Managing Director, Bello Hassan, stated this during the 2025 stakeholders’ retreat between members of the house of representatives committee on Insurance & Actuarial Matters with the staff of NDIC.
Speaking on the theme: “Navigating Financial Disruptions: Strengthening the NDIC’s Mandate for Economic Stability”, the MD recalled the crash of CBEX pyramid scheme, raising concerns over fraud stemming from Ponzi schemes.
“The growing incidence of Ponzi schemes and so-called “wonder banks” as witnessed by the recent crash of the CBEX pyramid scheme, which resulted in an estimated loss of ₦1.3 trillion has implications for public confidence in the financial system,” he said.
He stressed that the corporation has updated and published licensed insured deposit taking institutions on its website, describing it as an effort to prevent depositors from fraudulent schemes.
“Furthermore, the Corporation also ensures that the list of licensed insured deposit taking institutions is regularly updated and published on our website, enabling members of the public to easily verify the status of licensed deposit taking institutions covered by the NDIC.
“The Corporation remains committed to protecting the public from such fraudulent schemes by implementing comprehensive public awareness campaigns that educate people about the risk of engaging with unlicensed financial institutions,” he said.
He reiterated that the first tranche of liquidation dividend of 9.2 kobo per naira, will be paid to uninsured depositors of the defunct Heritage bank before the end of April 2025.
“We have also re-strategized on aggressive debt recovery, to ensure that we recover outstanding debts owed to the defunct bank, to pay the balance of un-insured depositors and other claimants, in the order of priority, as provided in Section 72 of the NDIC Act of 2023,” he said.
The Chairman, House Committee on Insurance and Actuarial Matters, Hon. Amadu Usman Jaha commended the Corporation for its transparency in the process of revoking the licence of the defunct Heritage bank.
“NDIC commenced the regulation process of heritage banks and to the best of our knowledge on the part of the legislature, there is absolute transparency and professional application of technique as far as the process is concerned,” he said.
He reaffirmed the committee’s commitment to providing necessary legislative backing and oversight that will enable NDIC to function at the highest level of efficiency and effectiveness.
