Business
BREAKING: NDIC increases deposit insurance coverage for banks, others
The Nigeria Deposit Insurance Corporation (NDIC) has announced an increase in deposit insurance coverage for all licensed deposit-taking financial institutions, which includes Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), Payment Service Banks (PSBs), and Mobile Money Operators (MMOs). Bello Hassan, the Managing Director/Chief Executive of NDIC, made this announcement during a briefing in Abuja.
Here are the key points regarding the increased deposit insurance coverage:
- Deposit Money Banks (DMBs): The coverage has been raised from N500,000 to N5,000,000, providing full coverage for 98.98% of depositors compared to the previous 89.20%.
- Microfinance Banks (MFBs): The coverage has increased from N200,000 to N2,000,000, offering full coverage for 99.27% of depositors (up from 98.76%) and significantly increasing the value of covered deposits.
- Primary Mortgage Banks (PMBs): The maximum coverage has been raised from N500,000 to N2,000,000, ensuring full coverage for 99.34% of depositors (up from 97.98%) and increasing the value of covered deposits.
- Payment Service Banks (PSBs): The coverage has been increased from N500,000 to N2,000,000, providing near-complete protection (99.99%) for depositors and raising the value of covered deposits.
- Mobile Money Operators (MMOs): The maximum Pass-through deposit insurance coverage has been raised to N5,000,000 per subscriber per MMO, aligning it with the coverage level for DMBs.
Deposit insurance coverage levels refer to the amount of protection provided to depositors in case a financial institution fails or goes bankrupt. The increased coverage ensures that depositors will be reimbursed up to a certain limit for their deposits in such scenarios.
This move is expected to take effect immediately, offering Nigerians greater peace of mind when saving their money with licensed financial institutions. It is also anticipated to strengthen the banking system and promote further financial inclusion within the country.
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
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Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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