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Home Business BUSINESS:NDIC PAYS N1.393 billion TO DEPOSITORS OF 110 CLOSED BANKS.

BUSINESS:NDIC PAYS N1.393 billion TO DEPOSITORS OF 110 CLOSED BANKS.

Nigeria Deposit Insurance Corporation (NDIC) on Thursday said it has paid the cumulative insured sum of one point three- nine – three billion naira to thirty – six thousand, one hundred and sixty- three depositors of one hundred and ten closed Microfinance Banks (MFBs) and three Primary Mortgage Banks.

Managing Director and Chief Executive Officer of the NDIC, Bello Hassan disclosed this during the NDIC special day at the ongoing 2023 Lagos international Trade Fair.

With the Theme: Connecting Businesses, Creating Value, he said payments of the statutory insured sums are still ongoing, 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.

According to him, the Corporation is currently in the process of verifying and paying liquidation dividends to depositors and stakeholders of twenty Banks in liquidation.

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, and, Nigeria Merchant Bank.

Others are North South Bank, Premier Commercial Bank, Prime Merchant Bank, Progress Bank, and Merchant Bank.

Hassan reiterated commitment of the NDIC to continuously collaborate with the CBN in ensuring the effective supervision of Banks and adherence to prudential thresholds and the code of Corporate governance for Banks to safeguard the safety and stability of the Nigerian banking system.

He further urged the general public especially traders and businessmen to always ensure that their funds are saved in licensed banks and to avoid patronage of wonder banks and ponzi schemes which always leave their victims with untold stories.

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