The Nigeria Deposit Insurance Corporation (NDIC) says as of September 22, 2023, the corporation had paid a cumulative insured sum of N1.393 billion to 36,163 customers of 110 closed Microfinance Banks (MFBs) and three Primary Mortgage Banks (PMBs) in Nigeria.
The Managing Director/Chief Executive of NDIC, Bello Hassan, disclosed this at the Corporation’s ‘Special Day’ during the ongoing 2023 Lagos International Trade Fair in Lagos.
Hassan was ably represented at the event by Bashir A Nuhu, the Director, Public affairs and communications department of the corporation said NDIC did not waste time in liquidating the closed Institutions as the Corporation disbursed the insured sums to affected depositors within a record time of three days of the banks’ closure.
According the NDIC boss, the payments of the statutory insured sums are still ongoing even as depositors with funds exceeding the insured limit would receive liquidation dividends after debts recovery and selling of the closed banks’ physical assets.
In his words, “The corporation is currently in the process of verifying and paying liquidation dividends to depositors and stakeholders of 20 banks in liquidation, including 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.”
Hassan warned traders, businesses and the general public against doing business with wonder banks and Ponzi schemes, urging them to keep their funds in licensed financial institutions only.
He assured that the NDIC will continued to address genuine cases of infractions and complaints concerning insured institutions in Nigeria, in its effort to boost confidence in the financial system.
