The period 1892 - 1952, there was an enquiry by the then colonial administration to investigate banking practice in Nigeria. The G. D. Paton Report which emanated from the enquiry was the basis for the first Banking Ordinance of 1952. The ordinance was designed to ensure orderly commercial banking and to prevent the establishment of unviable banks. A draft legislation for the establishment of Central Bank of Nigeria was presented to the House of Representatives in March, 1958. The Act was fully implemented on 1 July, 1959 when the Central Bank of Nigeria came into full operations.The Central Bank Act, 1958 (as amended) and the Banking Decree 1969 (as amended) constituted the legal framework within which the CBN operates and regulates banks. The wide range of economic liberalization and deregulation measures following the adoption, in 1986, of a Structural Adjustment Programme (SAP) resulted in the emergence of more banks and other financial intermediaries. The Banks and Other Financial Institutions (BOFI) Decrees 24 and 25 of 1991, which repealed the Banking Decree 1969 and all its amendments, were, therefore, enacted to strengthen and extend the powers of CBN to cover the new institutions in order to enhance the effectiveness of monetary policy, regulation and supervision of banks as well as non-banking financial institutions.

 Nigeria Deposit Insurance Corporation (NDIC) has its origin in the report of a committee set up in 1983 by the Board of Central Bank of Nigeria (CBN), to examine the operations of the banking system in Nigeria. The Committee in its Report recommended the establishment of a Depositors Protection Fund. Consequently, the Nigeria Deposit Insurance Corporation was established through the promulgation of Decree No. 22 of 15 th June 1988. This was part of the economic reform measures taken by the then government, to strengthen the safety net for the banking sector following its liberalization policy and the introduction of the 1986 Structural Adjustment Programme (SAP) in Nigeria.
The phenomenal increase in the number of banks from 40 in 1986 to 120 in 1992 led to:
Increased Competition amongst banks leading to sharp practices, People of questionable integrity becoming bank owners and managers, Inadequate Manpower, The coming together of strange bedfellows due to the licensing requirement that banks maintain adequate geographical spread.
  All these led to serious breakdown in Corporate Governance and Boardroom squabbles. The unpredictable policy environment, downturn in the economy and political upheavals at the time, also exacerbated the difficult situation the Corporation found itself in. The banking industry was therefore, already in distress by the time the Corporation commenced operations in March 1989. NDIC operated under a difficult terrain at the time and was immediately saddled with the management of distress in the banking industry, to avert the impending systemic crises and its resultant consequences.

A new banking era after Sept 30 - Vanguard

A new banking era after Sept 30 Vanguard He said: “NPL of the Nigerian banking industry would be reduced to five per cent. By September 30, we have drawn a final line under the banking crisis of 2009”. The monetary authority and Nigeria Deposit Insurance Corporation (NDIC) had, in July 2009, ... and more »

EGMs - Banks Lobby Shareholders' As AMCON Lays Ambush - Middle East North Africa Financial Network

EGMs - Banks Lobby Shareholders' As AMCON Lays Ambush Middle East North Africa Financial Network Continuing, Akintola Williams Deloitte said "the directors are of the view that with the continued support of the Central Bank of Nigeria continuing loan recovery drive and conclusion of the on going recapitalization the bank would continue as a ...

CBN denies setting up Mainstreet Bank - Vanguard

Leadership Newspapers

CBN denies setting up Mainstreet Bank Vanguard LAGOS—Central Bank of Nigeria, CBN, Monday, denied any involvement in setting up Mainstreet Bank Limited as a bridge bank to assume the deposits, liabilities and assets of Afribank Nigeria Plc. Malam Lamido Sanusi, CBN Governor, ... CBN's Sept 30 Deadline: Panic Grips Bank Workers •Aggrieved Shareholders Plan ...Nigerian Tribune CBN Denies Link in Mainstreet Bank's EmergenceTHISDAY Live How mergers and acquisitions will redefine banking sectorThe Nation Newspaper all 46 news articles »

NDIC chief defends bridge bank option - The Nation Newspaper

NDIC chief defends bridge bank option The Nation Newspaper This position, he argued, has been widely acknowledged by stakeholders within and outside the banking sector, including the Central Bank of Nigeria (CBN), promising that the NDIC would continue to constructively engage stakeholders to work towards a ...

NDIC Reacts To Critics Of Bridge Bank Option - Leadership Newspapers

Leadership Newspapers

NDIC Reacts To Critics Of Bridge Bank Option Leadership Newspapers This position, the NDIC boss said, is widely acknowledged by stakeholders within and outside the banking sector including the Central Bank of Nigeria (CBN). While observing that issues of professionalism and training needed to be improved in the ... Rescued Banks: NDIC Defends Bridge Bank OptionTHISDAY Live all 2 news articles »

AMCON to step into rescued banks if TIAs fail - BusinessDay

BusinessDay

AMCON to step into rescued banks if TIAs fail BusinessDay The Central Bank of Nigeria (CBN) has given the eight rescued banks up till the end of September to find buyers, or get nationalised. Chike-Obi said yesterday that the Nigerian Deposit Insurance Corporation (NDIC) took over three of the banks when it ... 21 investors eye 5 rescued banks •AMCON to recapitalise with N1.2trnNigerian Tribune all 8 news articles »

Recapitalisation: CIBN tasks regulators on due process - Vanguard

Recapitalisation: CIBN tasks regulators on due process Vanguard Speaking in Lagos, President of the CIBN, Mr. 'Laoye Jaiyeola expressed support for the actions of the Central Bank of Nigeria, CBN, saying, “What is important at this time is ensuring that the regulators are following the laid down process required to ... and more »

Nationalised Banks Face - Leadership Newspapers

Daily Times Nigeria

Nationalised Banks Face Leadership Newspapers But one official of the bank said documents and letter heads bearing the new name were available. Commenting on this, the head, Corporate Communication, Central Bank of Nigeria (CBN), Muhammed Abdullahi, said no law bars the banks from using their old ... AMCON to Raise Bond Issuance Limit to N4.5trTHISDAY Live Nationalising failed banksInternational Law Office all 22 news articles »

How NDIC, Afribank board letters caused nationalisation of banks - BusinessDay

BusinessDay

How NDIC, Afribank board letters caused nationalisation of banks BusinessDay The take over of the former AFRIBANK, Spring Bank and Bank PHB by the Asset Management Corporation of Nigeria (AMCON) on August 6, 2011 was precipitated by two letters to the Central Bank of Nigeria (CBN) by both the Nigeria Deposit Insurance ... and more »

Why NDIC Froze CPC Accounts - Ex-Spokesman - Middle East North Africa Financial Network

Why NDIC Froze CPC Accounts - Ex-Spokesman Middle East North Africa Financial Network Based on this development, our solicitors further petitioned NDIC, Central Bank and EFCC in separate letters and brought to their notice this unethical behaviour of the aforementioned banks," he said. Aghanya said it is in response to the petition that ... and more »