The Nigeria Deposit Insurance Corporation (NDIC) is a statutory body established on June 15, 1988 and reconstituted under the NDIC Act No. 16 of 2006, holding the exclusive mandate of administering Nigeria's Deposit Insurance System. It protects depositors and guarantees payment of insured amounts when the Central Bank of Nigeria revokes a deposit-taking institution's license, working to safeguard the banking system from instability caused by depositor runs and loss of confidence, and it also manages the liquidation of distressed banks and oversees their assets until resolution is complete.
Facts
Founding Year Founding Date Headquarters Geography
Country or Jurisdiction ServedWikidata Q7032807, property P17 (country). Classification
Institution Subtype In the Other Atlases
- Also in Geography Atlas: Nigeria, located there.
Sources
1. Nigeria Deposit Insurance Corporation, Wikipedia
Infobox, Formation fieldQuote, Infobox, Formation field
15 June 1988
2. Wikidata
Wikimedia Foundation
3. NDIC History, NDIC
History section, opening paragraph
the Nigeria Deposit Insurance Corporation was established through the promulgation of Decree No. 22 of 15th June 1988.
Address section at page footer
Plot 447/448 Constitution Avenue, Central Business District, Abuja
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