By Omolara Ojugbele, Ayomide Kasali & Olaoluwa Olaleye
The Nigeria Deposit Insurance Corporation (NDIC) has reiterated its directive to banks to resolve customers’ complaints within two weeks, warning that unresolved cases after the deadline can be escalated directly to the Corporation for intervention. The move, according to the NDIC, is part of its renewed commitment to protecting depositors and ensuring stronger consumer confidence in the banking system.
Speaking yesterday at the NDIC Day during the ongoing Lagos International Trade Fair, the Director, Claims Resolution Department, Mr. Olawale Sule, said the Corporation remains the focal point for resolving customer complaints and ensuring depositors’ funds are safe.
Sule who represented the Chief Executive Officer of NDIC, Mr Oludare Sunday, explained that one of the NDIC’s core mandates is bank supervision, which includes examining banks, handling complaints, and ensuring that customer issues are promptly addressed.
“We have directed all banks to resolve customer complaints within two weeks,” Sule said. “If after that period the issue remains unresolved, depositors are free to escalate their complaints to the NDIC through any of our available channels.”
According to him, complaints could include unresolved ATM dispense errors or other issues affecting customers’ accounts, and the NDIC has a clear mandate to intervene when necessary.
Sule further warned that only banks duly licensed by the Central Bank of Nigeria (CBN) and insured by the NDIC are covered under the deposit insurance scheme.
“When you visit a licensed bank, you’ll see a logo that says, ‘Protected by NDIC.’ Any institution that displays that logo without authorisation is not a legitimate bank,” he cautioned.
He urged members of the public to always verify the status of any financial institution before depositing money, noting that the full list of insured banks is available on the NDIC website.
Sule also advised Nigerians to be vigilant against “wonder banks” that promise unrealistic returns, saying the NDIC offices across the country are open to confirm the legitimacy of any deposit-taking institution.
He cited past cases of public confusion, including when some Nigerians mistakenly believed OPay was an unlicensed “wonder bank.”
“It is now well known that OPay is a legitimate, regulated institution,” he said, stressing that NDIC’s goal is to build public confidence in the financial system by ensuring transparency and depositor protection.
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