NDIC Unveils ongoing process of varying and paying liquidation dividends to depositors of 20 banks at 2023 LITF

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The 2023 Lagos International Trade Fair (LITF) became the stage for significant revelations from the Nigeria Deposit Insurance Corporation (NDIC). Bello Hassan, the Managing Director and Chief Executive, delivered a crucial address on the NDIC Special Day, showcasing the Corporation’s commitment to financial stability and the ongoing process of varying and paying liquidation dividends to depositors of 20 banks currently in liquidation over the years among others. Representing the Managing Director and Chief Executive of the Corporation at the event was Bashir A. Nuhu, the Director of Communications and Public Affairs of the Corporation.

 

Hassan said the spotlight of the announcement fell on the ongoing process of varying and paying liquidation dividends to depositors of 20 banks currently in liquidation over the years. These banks include 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. Eligible parties are encouraged to visit the NDIC website for details and download verification forms at www.ndic.gov.ng. Submissions can be made to claimscomplaints@ndic.gov.ng.

 

 

 

Simultaneously, he said the NDIC continues to collaborate with the Central Bank of Nigeria (CBN) to ensure effective bank supervision and adherence to prudential thresholds and corporate governance codes. This collaboration underscores the commitment to safeguarding the safety and stability of the Nigerian banking system. The NDIC took the opportunity to call on the public, especially traders and business people, to prioritize saving their funds in licensed banks and steer clear of wonder banks and Ponzi schemes.

 

 

 

NDIC boss continues, in response to the recent revocation of licenses for certain microfinance banks and primary mortgage banks by the CBN, the NDIC swiftly initiated the liquidation process. Within an unprecedented three days of the banks’ closure, insured sums were disbursed to depositors adding that as of September 22, 2023, the NDIC had paid a cumulative insured sum of N1.393 billion to 36,263 depositors affected by the closure of 110 Microfinance Banks (MFBs) and 3 Primary Mortgage Banks (PMBs). Importantly, ongoing payments of statutory insured sums continue, and depositors with funds exceeding the insured limit will receive liquidation dividends after the recovery of debts and the sale of the closed banks’ physical assets, he added.

 

 

In his words: Highlighting the NDIC’s dedication to boosting depositors’ confidence, the Corporation addresses genuine cases of infractions and complaints associated with insured institutions. Operating a 24-hour toll-free Helpdesk line (080063424357) and an email (helpdesk@ndic.gov.ng), the NDIC encourages depositors to inquire about the benefits and operations of the deposit insurance scheme in Nigeria.

“For comprehensive information on the Corporation’s activities, stakeholders are invited to visit the official website www.ndic.gov.ng or engage through social media platforms on Instagram, Facebook, X (former Twitter), and YouTube (@ndicNigeria). The NDIC pavilion at the ongoing trade fair serves as a hub where experienced staff are available to address inquiries. Crucially, a dedicated helpdesk has been established for depositors of affected banks, guiding them on accessing their deposits and processing claims with utmost efficiency.

 

In conclusion, Hassan noted that the NDIC’s multifaceted approach aims not only to disburse funds but also to instill confidence and transparency in Nigeria’s financial landscape, marking a significant chapter at the Lagos International Trade Fair.


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