The Nigeria Deposit Insurance Corporation (NDIC) has restated its directive to banks to resolve customer complaints within two weeks, warning that unresolved cases after the deadline may be escalated directly to the Corporation for intervention. The initiative, according to the NDIC, reflects its renewed commitment to protecting depositors and strengthening public confidence in the banking sector.
Speaking during the NDIC Day at the ongoing Lagos International Trade Fair, the Director of the Claims Resolution Department, Mr. Olawale Sule, reaffirmed that the Corporation serves as the central authority for addressing customer complaints and safeguarding depositors’ funds.
Representing the NDIC’s Managing Director/Chief Executive, Mr. Oludare Sunday, Sule explained that one of the Corporation’s key mandates is bank supervision—covering bank examinations, complaint handling, and ensuring that customer issues are resolved promptly.
“We have instructed all banks to settle customer complaints within two weeks,” Sule stated. “If, after that period, the issue remains unresolved, customers are encouraged to escalate their complaints to the NDIC through any of our available channels.”
He noted that such complaints could include unresolved ATM dispense errors or other account-related issues, emphasizing that the NDIC has the authority to intervene when necessary.
Sule also cautioned that only banks licensed by the Central Bank of Nigeria (CBN) and insured by the NDIC fall under the deposit insurance scheme.
“When you visit a licensed bank, you will see a logo that reads, ‘Protected by NDIC.’ Any institution displaying this logo without authorization is not a legitimate bank,” he warned.
He urged members of the public to verify the status of any financial institution before depositing funds, noting that the full list of insured banks is available on the NDIC website.
Sule further advised Nigerians to be wary of so-called “wonder banks” offering unrealistic returns, reminding the public that NDIC offices nationwide are open to confirm the legitimacy of any deposit-taking institution.
He referenced previous instances of public confusion—such as when some Nigerians mistakenly believed OPay was an unlicensed “wonder bank.”
“It is now well established that OPay is a legitimate and regulated financial institution,” he clarified, adding that the NDIC’s overarching goal is to enhance public confidence in the financial system through transparency and depositor protection.
