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NDIC Pays N3.303bn Insured Deposits of Liquidated Banks

01 Apr 2012

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MD, NDIC,  Umaru Ibrahim



By  Christopher Isiguzo 
Nigeria Deposit Insurance Corporation (NDIC) said yesterday in Enugu  that it had paid N3.303 billion out of N5.241 billion insured deposits of 35 deposit money banks that were liquidated since 1994.

Managing Director/Chief Executive Officer of the corporation, Alhaji Umaru Ibrahim, made the disclosure during the NDIC Special Day at the ongoing 23rd Enugu International Trade Fair.

Ibrahim, who was represented by the South East Zonal Director of the corporation, Mr Sambo Michah,  said the corporation had in addition, paid N6.151 billion out of N11.576 billion liquidation dividend that was declared to depositors of the 35 deposits money banks.

According to the NDIC boss, the corporation had also concluded payment of 2.19 billion to over 71,000 depositors of N103 closed microfinance banks (MFBs).

Ibrahim further disclosed that NDIC was making arrangement to transfer the payment of depositors through eight agent banks across the country, adding that agent banks included First Bank of Nigeria Plc, Acess Bank Plc, Unity Bank Plc, among others.

The Board of the corporation, he said, resolved to increase the deposit insurance coverage levels from N200, 000 and 100,000 to N500,000 and N200, 000 for deposit money banks (DMBs) and Microfinance Banks (MFBs)/Primary Mortgage Institutions(PMIs) respectively to enhance public confidence.

He pointed out that the new level was used to settle depositors of the 103 MFBs that were shut down in 2010.

Tags: News, Nigeria, Featured, Insured Deposits

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