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Insurance

Nigerian Deposit Insurance Corporation (N D I C)

Government in 1988 established the Nigerian Deposit Insurance Corporation; and charged it with the responsibility amongst others for insuring the deposit liabilities of licensed banks and other deposit taking financial institutions, and guaranteeing payment to the depositors in the event of failure of the insured institutions. Following the deregulation of the financial system consequent upon an economic Structural Adjustment Programme (SAP) in 1985, many deposit taking financial institutions were licensed. Some of the institutions soon became distressed as a result of adverse economic conditions and institutional

mismanagement. The corporation had risen to its responsibility of protecting the depositors of the distressed banks/institutions. In any of the terminally distressed banks/institutions where the Central Bank of Nigeria had revoked operating license the corporation has refunded depositors in full to small depositors, while paying liquidation dividends to the uninsured depositors as the assets of the closed banks are realised.

In the banks that are not terminally distressed, the corporation, which has responsibility for distressed banks, has installed new management and boards to restructure the institutions for sale to fit and proper persons/institutions.

The sale of the restructured banks is not restricted to Nigerians, it's also open to foreign investors who are able to demonstrate the financial and managerial capabilities required. The corporation therefore takes this opportunity to invite interested foreign investors to participate with or without Nigerian partners in the growing and profitable banking sectors in Nigeria.

Interested investors should direct their enquiries to:

The Managing Director/Chief Executive
Nigerian Deposit Insurance Corporation
447/448, Airport Road
Central Business District
P.M.B 284, Abuja,
Nigeria.
Tel: 234-9-523-7713/4
Fax: 234-9-523-7718/7721

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