The Nigeria Deposit Insurance Corporation (NDIC), says it tracked down over N8.3 billion unauthorised withdrawals from depositors’ accounts in commercial banks and subsequently retrieved the money this year.
Managing Director NDIC, Bello Hassan, disclosed this, yesterday, during the corporation’s special day at the 43rd Kano International Trade Fair in the Zoo Road Complex of Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA).
Hassan hinted that the large sum recovered from the financial institutions between January and November 2022 followed complaints from depositors across the country.
Represented by Director of Communications and Corporate Affairs, Bashir Nuhu, the MD disclosed that complaints bordered on unauthorised deduction of customers deposits, unwarranted charges and fees as well as fraud at the Point of Service (POS) machines, were successful resolved.
He warned depositors and other bank customers to be wary of criminally-minded financial service providers and seek help from NDIC in the case of misappropriation with any insured financial institution.
Speaking further he noted that the theme of the Fair: Unlocking AFCFTA for Nigeria Economic Growth and Development”, resonates with the mandate, vision and mission of our Corporation which centres on protecting depositors and contributing to the stability of the financial system.
“It is no gainsaying the fact that a safe, sound and stable financial system is a pivot on which the wheel of economic growth and development revolves. The NDIC, in collaboration with other safety-net players, will therefore continue to be resolutely committed to keeping the financial system safe and sound, not only to bolster confidence, but to strongly serve its role of intermediation in support of the AFCFTA implementation in particular, and the economy in general.”
Hassan, noted that the Corporation has always demonstrated strong and unwavering commitment to its depositor protection mandate through deposit guarantee, banking supervision in collaboration with the Central Bank of Nigeria (CBN), failure resolution and banking liquidation.
“Accordingly, in line with our public policy objectives of protecting small and less sophisticated depositors, the Corporation has continued to strengthen its consumer protection mechanism towards effective resolution of complaints made to it over transactions with insured institutions.
I am happy to inform you that between January and November 2022, the Corporation has successfully resolved 248 complaints and helped depositors recover over N8.3billion from their respective banks. The complaints bothered on unauthorized withdrawals, which accounted for the highest number of 190 cases; POS issues which accounted for 33; charges/fees/fraud issues and others which accounted for 25.”
He noted that while the complaint platforms are active and effective, the Corporation has observed that over 95, representing 38.3% of total complaints came through its zonal offices, 24% through its Toll-Free Help Desk and 37.7% through its other platforms. “However, we like to encourage all depositors and other bank customers to continue to avail themselves of the opportunities provided by ALL our complaint channels towards resolving issues with their insured institutions. We also like to call on depositors of banks in-liquidation to continue to utilize the same platforms to file their claims to the Corporation for reimbursement.” Hassan added.