NDIC says Bridge Bank option secured N1.02trn deposits, saved 12,667 jobs

The Bridge Bank option applied by Nigeria Deposit Insurance Corporation (NDIC) did not only prevent a systemic crisis, it secured N1.021trillion deposits which ensured that depositors had continued access to their funds and financial services, said Bello Hassan, Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation.

Pursuant to provisions of the NDIC Act, several failure resolution initiatives such as Open Bank Assistance (OBA), Purchase & Assumption (P&A) and...