As one of the components of the nation's financial safety-net arrangement, the NDIC has the responsibility of protecting depositors and guaranteeing the payment of insured sums when the license of a deposit-taking financial institution is revoked by the Central Bank of Nigeria (CBN)..[1] The NDIC is parastatal under the Nigerian Ministry of Finance.

[4] The NDIC complements the regulatory and supervisory role of the Central Bank of Nigeria (CBN), although it reports to the Federal Ministry of Finance.

In April 1996, the Chief Executive of NDIC said that the corporation had 514 case files of insider abuse and corruption for the police to prosecute.

[6] In December 2007, the NDIC announced that as of January 1, 2008 it would start providing deposit insurance services to microfinance institutions in Nigeria.

[10] Shortly before his retirement in July 2009, the Nigeria Deposit Insurance Corporation accused the Inspector General of Police Mike Okiro of failing to repay a N166 million loan he obtained between 2000 and 2001 from the Lead Bank, since liquidated.