Nigeria In One Minute
NDIC’s premium contribution pool exceeds N1tr
Premium contributions by insured financial institutions in the country, under the supervision of the Nigeria Deposit Insurance Corporation (NDIC) have risen to N1.07 trillion, according to the compilation of separate figures obtained by The Guardian.
Premium contribution forms a major component of the resources available to a deposit insurer (NDIC), which strengthens its capacity to meet obligations, particularly timely reimbursement of depositors, when adequate and well-maintained.
The nation’s deposit insurer maintains three of such insurance funds – the Deposit Insurance Fund (DIF) for the Deposit Money Banks (DMBs); the Special Insured Institutions Fund (SIIF) for Microfinance Banks (MFBs); and Primary Mortgage Banks (PMBs); and the Non-Interest Deposit Insurance Fund (NIDIF) for Non-Interest Banks (NIBs).
The Guardian, November 21, 2018
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