Abdulwahab Isa 
Officials of the Nigeria Deposit Insurance Corporation (NDIC) have been urged to be vigilant and diligent in dealing with bank stakeholders, especially the shareholder.
Citing potential risks associated with enforcing banking regulations, His Royal Highness Luka Ayedo Nizasaan (III), the Etsu Kwali, gave the advice yesterday in Abuja during NDIC’s Special Day at the 19th Abuja International Trade Fair. He said: “The elites will never like you because when you go to banks, they own these shares.
When you go to banks and ask them to adhere to standards and regulations, they don’t always like to smile. Some of you, your lives are at risk.” This statement underscores the tension between regulatory enforcement and the interests of powerful stakeholders in the banking sector.
He further urged the of ficials to maintain their diligence, noting that while the broader public might not fully appreciate their efforts, there are those who recognise the critical role they play.
“You do a lot to hold this economy together. All I would say here is that you should continue to make this commitment. We have this nation to build, and this mandate you’ve been given is a delicate mandate,” Nizasaan added.
Earlier, the Managing Director of the NDIC, Mr. Bello Hassan, outlined the Corporation’s recent progress in protecting depositors’ funds, emphasizing NDIC’s critical role in stabilising the banking sector.
He highlighted the recent increase in deposit insurance coverage, which has enhanced the protection offered to depositors across various financial institutions.
Hassan said: “This increase ensures that 98.98 per cent of total depositors in deposit money banks (DMBs), 99.27 per cent in microfinance banks (MFBs), 99.34 per cent in primary mortgage banks (PMBs), and 99.99 per cent in Payment Service Banks (PSBs) are covered, reinforcing NDIC’s commitment to fulfilling its mandate.
