The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its directive to banks to resolve all customer complaints within two weeks, warning that any unresolved issues after the deadline can be escalated directly to the Corporation for prompt intervention.
According to the NDIC, this move is part of its renewed effort to safeguard depositors’ interests and strengthen public confidence in the banking system.
Speaking at the NDIC Day event during the ongoing Lagos International Trade Fair, the Director of the Claims Resolution Department, Mr Olawale Sule, said the Corporation remains the main body responsible for addressing customer issues and ensuring that depositors’ funds are secure.
Sule, who represented the NDIC Managing Director and Chief Executive, Mr Oludare Sunday, explained that one of the NDIC’s major responsibilities is to supervise banks, investigate complaints, and ensure customers’ concerns are quickly resolved.
“We have instructed all banks to resolve customer complaints within two weeks,” Sule said. “If after that time the matter remains unsettled, depositors are free to report their complaints directly to the NDIC through any of our available channels.”
He noted that the complaints could range from unresolved ATM dispense errors to other account-related issues, stressing that the NDIC has the authority to intervene where necessary.
Sule further cautioned that only banks licensed by the Central Bank of Nigeria (CBN) and insured by the NDIC are covered under the deposit insurance scheme.
“When you walk into a licensed bank, you’ll find the NDIC logo with the words, ‘Protected by NDIC.’ Any institution displaying that logo without proper authorisation is not a legitimate bank,” he warned.
He advised the public to always confirm the status of financial institutions before depositing money, adding that the full list of insured banks is available on the NDIC’s official website.
Sule also urged Nigerians to be cautious of “wonder banks” that promise unrealistic profits, noting that NDIC offices across the country are open to help verify any deposit-taking institution.
He recalled a previous case where some Nigerians wrongly assumed that OPay was an unlicensed “wonder bank.”
“It is now well established that OPay is a legitimate and properly regulated financial institution,” he clarified, adding that the NDIC’s mission is to build stronger trust in the financial sector through transparency and depositor protection.
