Functions

Section 5 of the Act No 22 of 1988 as amended, establishing NDIC provides the following functions for the Corporation:

• Insuring all deposit liabilities of licensed banks and such other financial institutions operating in Nigeria within the meaning of Sections 20 and 26 of this Decree so as to engender confidence in the Nigerian banking system;

• Giving assistance in the interest of depositors, in case of imminent or actual financial difficulties of banks particularly where suspension of payments is threatened, and avoiding damage to public confidence in the banking system;

• Guaranteeing payments to depositors, in case of imminent or actual suspension of payments by insured banks or financial institutions up to the maximum amount as provided for in Section 26 of this Decree;

• Assisting monetary authorities in the formulation and implementation of banking policy so as to ensure sound banking practice and fair competition among banks in the country;
  
  
• Pursuing any other measures necessary to achieve the functions of the Corporation provided such measures and actions are not repugnant to the functions of the Corporation.