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Following the revocation of licenses of 179 Microfinance Banks (MFBs) and four
Primary Mortgage Banks (PMBs) by the Central Bank of Nigeria (CBN), the
Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of the
closed banks speedy payment of their insured sums.

NDIC Managing Director/Chief Executive, Mr. Bello Hassan gave this
assurance in a statement which followed the revocation of the licenses of the
affected MFBs and PMBs by the Governor of the CBN, Mr. Godwin Emefiele recently

As deposit insurer, Hassan said, the NDIC would begin the process of payment
of the insured sums immediately with the verification of eligible depositors at the
respective premises of the closed banks. He enjoined such depositors to get
the required documents for the exercise such as proof of account ownership,
verifiable means of identification and alternate bank account to facilitate their
seamless verification and payment of their insured deposits.

In a statement sent to The Ameh News (TAN) which was endorsed by Bashir Alhassan Nuhu, the Director, Communication & Public Affairs Department of the Corporation saying The NDIC Boss stated that the insured deposit is the first claim that the Corporation pays to depositors upon revocation of bank’s license by the CBN, adding that the maximum specified limits for the MFB and PMB sub-sectors are N200,000.00 and N500,000.00 per depositor per bank, respectively.

As liquidator, the MD/CE disclosed that the Corporation has also put machinery
in motion to commence sales of assets of the defunct banks as well as recover
debts owed to them in order to declare liquidation dividends on pro rata basis to
the affected depositors with claims exceeding the maximum insured sums of
N200,000.00 for MFBs and N500,000.00 for PMBs.

He assured that regulatory authorities are leaving no stone unturned to ensure
that the soundness of the banking system is not compromised, stressing that
there is no need for the public to panic over the safety of their bank deposits.


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