The Nigeria Deposit Insurance Corporation (NDIC) has reiterated its directive that banks must resolve customer complaints within two weeks, warning that unresolved cases beyond this period can be escalated directly to the Corporation for intervention. The move underscores NDIC’s commitment to protecting depositors and strengthening consumer confidence in the banking system.

Speaking at NDIC Day during the ongoing Lagos International Trade Fair, Mr. Olawale Sule, Director of the Claims Resolution Department, stated that the Corporation remains the focal point for addressing customer complaints and safeguarding depositors’ funds. Sule represented the NDIC’s Chief Executive Officer, Mr. Oludare Sunday.

“One of NDIC’s core mandates is bank supervision, which includes examining banks, handling complaints, and ensuring that customer issues are promptly addressed,” Sule explained. “We have directed all banks to resolve complaints within two weeks. If after that period the issue remains unresolved, depositors can escalate their concerns to the NDIC through any of our available channels.”

He noted that complaints could involve unresolved ATM errors or other account-related issues, and stressed that NDIC has a clear mandate to intervene when necessary.

Sule also cautioned that only banks licensed by the Central Bank of Nigeria (CBN) and insured by NDIC are covered under the deposit insurance scheme. “Licensed banks display a logo stating ‘Protected by NDIC.’ Any institution using this logo without authorization is not a legitimate bank,” he warned.

He urged the public to verify the status of any financial institution before depositing money, noting that a full list of insured banks is available on the NDIC website.

Advising Nigerians to be wary of “wonder banks” promising unrealistic returns, Sule emphasized that NDIC offices across the country are available to confirm the legitimacy of deposit-taking institutions. He cited past public confusion, including instances where some Nigerians mistakenly thought OPay was an unlicensed “wonder bank.”

“It is now well known that OPay is a legitimate, regulated institution,” he said, highlighting NDIC’s ongoing mission to promote transparency and protect depositors, thereby building public confidence in Nigeria’s financial system.