The history of Nigeria Deposit Insurance Corporation (NDIC) has with its origin in the industry traced back to a committee set up in 1983 by the Board of Central Bank of Nigeria (CBN) in accordance with CBN Act, with a major obligation to examine the operations of the banking system in Nigeria. The Committee in its Report recommended the establishment of a Depositors Protection Fund. Consequently, the Nigeria Deposit Insurance Corporation was established through the promulgation of Decree No. 22 of 15 th June 1988.
The report given by this team was part of the economic reform measures taken by the then government of CBN, to further strengthen the safety net for the banking sector following its liberalization policy and the introduction of the 1986 Structural Adjustment Programme (SAP) in Nigeria.
The actions of the board actually increased the number of banks from 40 in 1986 to 120 in 1992 which led to the key factors below.
- Increased Competition amongst banks leading to sharp practices
- People of questionable integrity becoming bank owners and managers
- Inadequate Manpower
- The coming together of strange bedfellows due to the licensing requirement that banks maintain adequate geographical spread.
Functions And Meaning Of NDIC
- Ensure that all deposit liabilities of licensed banks and such other financial institutions (hereinafter referred to as “insured institutions”) who operate in Nigeria within the meaning of Sections 16 and 20 of this Act so as to engender confidence in the Nigerian banking industry for further strengthening;
- NDIC also has the obligation to give assistance to insured institutions in the interest of depositors, in case of unforeseen or actual financial difficulties of banks most especially where suspensions of payments is threatened, and avoiding damage to public confidence in the banking industry.
- One of it key function is also to Guarantee the payments to depositors, in case of imminent or actual suspension of payments by insured institutions up to the maximum as provided for in section 20 of this Act;
- Assisting monetary authorities in the formulation and implementation of policies so as to ensure sound banking practice and fair competition among insured institutions in the country; and
- Pursuing any other measures necessary to achieve the functions of the Corporation provided such measures and actions are not repugnant to the objects of the Corporation.
NDIC Office Address In Nigeria
Plot 447/448 Constitution Avenue Central Business District
P.M.B. 284, Garki
Tel: (09) 460 1380 – 9 (09) 617 1380 – 9
Fax: (09) 628 5717
E-mail: email@example.com, firstname.lastname@example.org
Mamman Kontagora House
23A Marina P.M.B. 12881
Tel: 01 – 2798280
Head, Establishment Office: Dave O. Egbung. Tel: 01-2806575-6
Plot No. 3 Bank Road
Tel: 08025813468; 08036615907
Controller: Mr. Vontau Emmanuel Timkat
28A & B Benoni Hospital Road
Off Airport Road, G.R.A.
Tel: 08150999600, 08150999577, 08150999588, 08150999599, 08150999535
Fax: 052 – 253183
Controller: Mr. S. A. Oluyemi
10 Our Lords’ Street Independence Layout
Fax: 042 – 456770
Controller: Mr A. N. Ibrahim
No 10, Sulu Gambari Road Ilorin.
Tel: 07098705709; 08023185818
Controller: Mr. Ferdinand .M. Jego
Plot 458, Muhammad Muhammad Street
Off Maiduguri Road, Hotoro, G.R.A. Kano
Tel: 08097756130; 08116651412, 09092748222
Controller: Mr. Kabir Oniyangi
No. 104 Woji RoadOff Olu Obasanjo Road
Tel: 084-846831; 084-846843, 08181841337
Controller: Mr C. O. Onwumere
2, Gusau Road, Opposite NNPC Mega Station Sokoto
Controller: Tajudeen O. Abaniwonda
No.6 Numan RoadP.M.B. 2227Jimeta-Yola
Tel: 08089814004; 08089814005; 08089814006; 08089814007
Controller: Mr. S. Gidado