Regulatory Alerts2025-12-09
NDIC Quarterly Vol 39 No 1&2 2024 – Activities of the NDIC in the Second Quarter of 2024
The NDIC implemented increased deposit insurance coverage for all bank categories, successfully disbursing N5 million to Heritage Bank depositors within four days of its license revocation, demonstrating enhanced depositor protection. The corporation expanded its on-site risk-based examinations for Microfinance and Primary Mortgage Banks, with a 50.94% increase in allocated banks for 2024, alongside continuous review of internal strategic plans and operating procedures to boost efficiency. While achieving substantial asset recoveries and resolving numerous customer complaints, the NDIC still faces significant operational hurdles in debt collection, judgment enforcement, and poor documentation from failed financial institutions.