NDIC pays N1.084b to 29,573 depositors of failed banks
The Nigeria Deposit Insurance Corporation (NDIC), said, it has paid a cumulative insured sum of N1.084 billion to 29,573 depositors of closed Micro finance banks and primary mortgage banks.
Speaking at the NDIC’s special day, on the occasion of the 18th Abuja International Trade Fair, thursday, with the theme: ‘Sustainable Financing and Taxation as Drivers for the New Economy’, NDIC, Managing Director, Mr. Bello Hassan, disclosed that Nigerians depositors is a priority, and the safety and security of their deposits.
Bello, said, “It’s important to note that as at 22nd September 2023, the Corporation had paid a cumulative insured sum of N1.084 billion naira to 29,573 depositors of the closed MFBs/MPBs. It is however instructive to let you know that payments are still ongoing and depositors with funds exceeding the insured limit will receive liquidation dividends after recovery of debts and sale of physical assets of the closed banks.
He said, “Indeed, Nigerian depositors are our priority and our foundation is built on ensuring the safety and security of their deposits. This ideal is encapsulated in our strap line; “Protecting your bank deposits!”.
Represented by the Director, Communications and Public Affairs, Bashir Nuhu, said the Corporation’s activities through the supervision of banks, continuous monitoring and oversight serves as consumer protection for depositors which enhances confidence in the financial system, and acts as an incentive for the unbanked to access financial services of licensed banks.
He said, “Ladies and gentlemen please permit me to reiterate the key mandate of the Corporation which is to provide deposit guarantee to depositors of insured financial institutions, bank supervision, distress resolution, and bank liquidation. Over the years, we have grown stronger in fulfilling these responsibilities and have significantly enhanced our public policy objectives of establishing a robust deposit insurance scheme in Nigeria
He noted that the corporations is in the process of verifying and paying liquidation dividends to depositors and stakeholders of 20 closed banks.
According to him, the closed banks includes: Allied Bank, Peak Merchant Bank, Commerce Bank, Continental Merchant Bank, Financial Merchant Bank, Fortune Bank, Gulf Bank, Hallmark Bank, Icon Merchant Bank, Liberty Bank, Nigeria Merchant Bank, North South Bank, Premier Commercial Bank, Prime Merchant Bank, Progress Bank and Merchant Bank.
He however, advice all eligible parties to visit the website for more information and download verification forms at, www.ndic.gov.ng and submit them to claimscomplaints@ndic.gov.ng.
He further, urge the public to be cautious of illegal fund managers, often referred to as “Wonder Banks” or “Ponzi Schemes.”
He said, “These entities offer high-interest rates and profits that are too good to be true, leading to devastating losses for many. It’s important to note that these “wonder banks” are neither licensed by the Central Bank of Nigeria nor covered by the NDIC deposit insurance scheme.
“Members of the public are therefore advised to patronize only banking institutions with a display of the NDIC Stickers carrying the words: “Insured by NDIC” in their banking halls or entrances and various branches across the country.”
