At the weekend, Senator Mukhail Abiru Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, stated that the recent increase in deposit insurance coverage by the Nigeria Deposit Insurance Corporation (NDIC) will enhance depositors’ safety nets. The NDIC had earlier in the year increased the deposit insurance coverage for commercial banks from N500,000 to N5million. This means that in the event of any bank failure, depositors with less than or equal to N5 million in their accounts as of the time of the liquidation will be immediately funded by the NDIC. Abiru spoke in Lagos during the Stakeholders’ Retreat of the committee with NDIC with the theme, “Building Resilient Financial Systems through effective legislative interventions.” The Senator was joined with the management of NDIC led by the Managing Director/Chief Executive, Mr. Bello Hassan and other committee members including Senators Aminu Waziri Tambuwal, Yahaya Abdullahi, Mohammed Tahiru Monguno, Issa Jibrin, among others.

Daily Trust