‘NDIC Has Paid N105bn to Depositors of Failed Banks’

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Umaru Ibrahim
Managing Director of the NDIC, Alhaji Umaru Ibrahim

Ibrahim Shuaibu in Kano

The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim sunday in Kano disclosed that the Corporation had so far paid N105 billion to 442, 615 depositors of closed deposit money banks (DMBs) at the end of September 2017.

Similarly, the Corporation paid a cumulative sum of N2.88 billion to 525, 009 Depositors of closed Microfinance banks (MFBs), as well as N60 million to 756 depositors of closed Primary Mortgage Banks (PMBs).

Ibrahim, who disclosed this at the NDIC Special Day at the ongoing 38th Kano International Trade Fair, with the theme: ”Reinvigoration of Micro, Small and Medium Enterprises: A Key for Effective Development of the Nigerian Economy,” urged depositors of any closed banks, who are yet to claim their trapped funds can also file their claims.

According to him, ”It is equally important to draw the attention of members of the public to take advantage of the numerous incentives available to save and have financial services.

“Depositors are also guaranteed by NDIC in the event of bank failure up to a minimum if N500, 000 in commercial, merchant/mortgage banks/mobile banking subscribers, while N200, 000 in a microfinance bank.”

Ibrahim, explained that the corporation has paid liquidation dividends to customers, whose deposits were in excess of the insured sums upon the sale of fiscal assets of the closed banks and debt recovery.

However, the Managing Director stressed the need for depositors to patronise only financial institutions that are licensed by the CBN and which display the NDIC sticker: ”Insured by NDIC,” in their banking halls and entrances, so as to avoid patronising dubious fund managers, otherwise, known as ‘Wonder Banks’.