The major role of NDIC is to

The major role of NDIC (Nigeria Deposit Insurance Corporation) is to insure bank deposits. This means that in the event of a bank failure, NDIC provides a form of protection to depositors by guaranteeing the repayment of their insured deposits. The aim of the corporation is to promote public confidence in the banking system and ensure the stability of the financial system by protecting depositors and providing an orderly means of resolution in the event of bank failure. Therefore, NDIC provides insurance cover to depositors of licensed banks and ensures that they are compensated in the event of a bank failure up to the maximum limit specified by the corporation.