The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to safeguarding the nation’s financial system, announcing that its recent upward review of the maximum deposit insurance coverage now protects about 99% of depositors in the Country.

Kabir Katata, Executive Director (Operations), NDIC, stated this on Wednesday at the Corporation’s 2025 Stakeholders’ Town Hall Meeting held in Enugu.

Katata, while speaking on the theme, “Deepening Stakeholder Engagement,” said the policy to expand deposit insurance coverage was deliberately designed to protect small savers, promote financial inclusion and strengthen public confidence in the banking sector.

He explained that the town hall meeting was aimed at engaging stakeholders across various sectors, including academia, market associations and civil society groups.

“The essence of this town hall meeting is to interact with our stakeholders, tell them what we do and listen to their questions so they can better understand the role NDIC plays in society. We guarantee depositors’ funds and supervise banks to ensure that depositors are protected”, he said.

Katata noted that following the 2024 review of deposit insurance coverage, depositors in Deposit Money Banks (DMBs), Mobile Money Operators (MMOs) and Non-Interest Banks (NIBs) are now insured up to N5 million per depositor.

Similarly, depositors in Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs) and Payment Service Banks (PSBs) now enjoy insurance coverage of up to N2 million per depositor.

“This means that in the event of a bank failure, depositors are promptly paid up to the insured limit,” he said.

He added that depositors with balances exceeding the insured limit would receive the initial insured sum, while the outstanding balance would be paid as liquidation dividends upon realisation of the failed bank’s assets and recovery of debts.

Highlighting improvements in the payout process, Katata referenced the recent resolution of defunct institutions, including Heritage Bank Limited, Union Homes PLC and Aso Savings and Loans PLC.

He said that the Corporation successfully leveraged the Bank Verification Number (BVN) as a unique identifier to trace depositors’ alternative accounts and transfer insured sums within days of bank closures.

“I urge all depositors to ensure that their BVN is properly linked to their bank accounts and identity records. This greatly facilitates seamless and timely access to insured deposits in the event of bank failure,” he advised.

Katata emphasised that although the NDIC works closely with the Central Bank of Nigeria (CBN) to ensure sound corporate governance and regulatory compliance in banks, financial system stability remains a shared responsibility.

“While the CBN and NDIC continue to strengthen oversight, depositors also have a responsibility to remain vigilant and well-informed,” he said.

Open Access Data Centres (OADC), Africa’s fastest-growing data centre company, has officially announced the strategic acquisition of seven NTT data centres across South Africa.

The acquisition, which concluded on 31 December 2025 following approval by the Competition Commission, will significantly expand OADC’s national data centre footprint by adding seven facilities and increasing total capacity to more than 25 megawatts.

With a presence in South Africa, Nigeria and the Democratic Republic of Congo (DRC), OADC is already one of the largest and most influential data centre operators on the African continent. By adding these new facilities, OADC reinforces its ‘core-to-edge’ proposition and is uniquely positioned to meet the growing demand for digital services across Southern Africa, while strengthening its leadership in Africa’s digital transformation.

Dr Ayotunde Coker, CEO of OADC, commented: “This acquisition represents a significant step forward in expanding our ability to deliver scalable, resilient colocation solutions where they are needed. It strengthens our market value proposition, positioning OADC as a critical partner in growing Africa’s digital economy. We can provide clients with a wider range of comprehensive resilience solutions, delivering geographically separated primary and disaster recovery data centre infrastructure for their businesses.”

OADC’s acquisition of these seven data centres underscores the company’s long-term vision to enable Africa’s digital ecosystem, drive economic growth, enrich society, and reinforce its role as a pivotal enabler of digital connectivity and technological advancement across the continent.

Dr Coker added: “Looking ahead beyond the immediate expansion of our operational presence, OADC plans on enhancing all of its data centres as part of its continuous facility enhancement process, bringing the introduction of advanced operational measures to ensure peak efficiency and reliability.”

Hussaini Magaji (SAN), registrar-general of the Corporate Affairs Commission, (CAC) has accused some banks and financial institutions of undermining Nigeria’s anti-corruption and compliance framework by allowing inactive and non-compliant companies to continue operating and transacting freely.

Magaji also disclosed that the commission reported 248 fake company registrations to the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution, while three CAC staff members were handed over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over alleged internal misconduct.

The CAC boss made these disclosures on Tuesday in Abuja during an Anti-Corruption Day presentation and panel discussion held as part of activities marking the commission’s 35th anniversary. He spoke on the topic, “Transparency for Development: The Nigeria Experience.”

Speaking before representatives of key anti-corruption and law-enforcement agencies, Magaji warned that Nigeria’s corporate regulatory system would remain vulnerable unless all institutions enforced compliance uniformly.

“Let me state clearly: at CAC today, no company without full disclosure of its Persons with Significant Control is recognised as compliant. Companies that fail to disclose their PSC are flagged as inactive, and such status renders them unfit for credible transactions,” he said.

However, he expressed concern that this regulatory sanction was being routinely ignored by some financial institutions.

“However, we face a serious challenge. While CAC may flag such companies as inactive, some financial institutions, particularly banks, continue to allow these inactive companies to operate, open accounts, and transact freely. This is a major weakness in our national compliance chain. We must join hands to stop it,” Magaji added.

According to him, Nigeria’s regulatory ecosystem must speak with one voice, stressing that non-compliant companies should not enjoy the privileges of legality. “If a company is non-compliant, it must not enjoy the privileges of legality. Our collective success depends on enforcing this principle across the board,” he said.

To deepen compliance, Magaji said the Commission had taken decisive steps to clean up its internal processes and demonstrate zero tolerance for corruption.

“In the year under review, I had cause to surrender three members of staff to the ICPC for alleged misconduct involving suspicious and unauthorised tampering with company records. This was done to eliminate the chances of compromise and strengthen integrity within our processes,” he said.

He further revealed that 248 fake company registrations were discovered to have been illegally inserted into the CAC system and subsequently reported to the EFCC.

“Within the same period, I submitted to the EFCC a list of 248 fake company registrations illegally inserted into our system through unlawful means, for investigation and prosecution,” Magaji disclosed.

According to him, the entities operated without traceable corporate identities and failed to contribute to national revenue through taxation. An additional 15 such entities were also submitted for further investigation.

“Notably, despite these actions, no legitimate legal challenge has been brought against CAC regarding the removal and reporting of these illegal registrations,” he said.

The CAC Registrar-General also renewed calls for the establishment of a single, harmonised national register for beneficial ownership information, warning that Nigeria’s current fragmented system created loopholes that could be exploited for corruption, money laundering, and illicit financial flows.

He noted that while Nigeria had made progress in beneficial ownership transparency, multiple sector-specific registers operated outside the central CAC database.

“At the moment, we operate a fragmented system where certain sectors maintain separate beneficial ownership registers, such as the Extractive Industry and NEPZA, outside the central national register managed by CAC. This situation creates duplication, inconsistencies, and regulatory loopholes. It weakens our national integrity framework and complicates law-enforcement efforts,” he said.

Magaji stressed that CAC was legally and structurally positioned to serve as the central repository for beneficial ownership data in the country.

“There is therefore an urgent need for a single, harmonised national register for beneficial ownership in Nigeria. CAC is positioned by law and structure to serve as the central repository for beneficial ownership information. We need your support, your voice, your advocacy, and your institutional backing to push for this reform in the national interest,” he pleaded with stakeholders.

According to him, a single register would improve verification, enhance transparency, and strengthen Nigeria’s compliance with global anti-money laundering and counter-terrorism financing standards.

Magaji further described beneficial ownership disclosure as a growing global imperative, citing recent international developments, including court decisions in the United Kingdom involving property ownership linked to Nigerians.

“Beneficial ownership disclosure has become one of the most topical and critical issues in global governance today. The world is moving rapidly towards transparency, and Nigeria cannot afford to lag behind,” he said.

He called for the elevation of the Persons with Significant Control Rules into an Act of the National Assembly to provide a stronger legal foundation for enforcement.

“We must now push strongly for the passage of the Persons with Significant Control Rules into an Act of the National Assembly. We need a stronger, more comprehensive legal framework that will checkmate sophisticated abuses of the corporate vehicle,” he added.

The CAC boss also raised concern over the practice by some large corporations of declaring other companies, rather than individuals, as beneficial owners. “This defeats the purpose of beneficial ownership transparency. It creates layers of concealment and undermines accountability,” he warned.

Magaji concluded by urging sustained collaboration among Nigeria’s anti-corruption and law-enforcement agencies, describing the fight against corruption as a collective national responsibility. “The fight against corruption is not the responsibility of one agency. It is a national duty requiring coordination, trust, and shared resolve,” he said.

He called on agencies including the EFCC, ICPC, Nigeria Financial Intelligence Unit, and the National Drug Law Enforcement Agency to deepen information sharing, joint investigations, and real-time verification with the CAC.

“Our collaboration must not be episodic. It must be sustained, structured, and institutionalised so that our collective efforts translate into measurable outcomes for Nigeria,” he added.