- The Nigerian government has come up with the names of the 20 failed banks in Nigeria and asks their customers to come for settlement
- The Nigeria Insurance Deposit Corporation (NDIC) made the call at the ongoing Lagos Internationa Trade Fair
- According to the NDIC, it has recouped enough funds through the sales of the assets of the failed banks to settle depositors
The Nigeria Deposit Insurance Corporation (NDIC) has called on customers of 20 failed banks in Nigeria to come for verification and payment of their deposits that are more than the guaranteed sums known as liquidation dividends.
The Managing Director and Chief Executive Officer of NDIC, Bello Hassan, made the call while delivering a speech at the Corporation’s special day at the 36th Lagos International Trade Fair.
The affected banks are:
- ABC Merchant Bank Limited:
- Allied Bank of Nigeria;
- Alpha Merchant Bank Plc.;
- Amicable Bank of Nig. Limited:
- Commerce Bank;
- Commercial Trust Bank Limited;
- Continental Merchant Bank Pic.
- Cooperative & Commerce Bank Plc.;
- Eagle Bank;
- Financial Merchant Bank Limited:
- Icon Limited (Merchant Bank);
- lvory Merchant Bank;
- Kapital Merchant Bank Limited;
- Mercantile Bank of Nig. Pic.;
- Merchant Bank of Africa Limited;
- Nigeria Merchant Bank Plc.;
- Pan African Bank Limited;
- Premier Commercial Bank Limited;
- Progress Bank of Nigeria; and
- Rims Merchant Bank Limited.
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Hassan said through the hard work of the Corporation in liquidating the banks. It has realized enough funds to settle all failed bank depositors fully.
The MD/CEO of NDIC, who was represented at the event by a director at the Corporation, stated that notices were issued to creditors of seven Deposit Money Banks currently in liquidation, including depositors and former staff of Eurobank Savings and Loans, Okporo and Okporo MFB and Eurofield MFB.
“I would like to once again call on depositors, creditors and shareholders of the listed closed banks to avail themselves of the verification platforms provided by the Corporation to claim their funds. They are at liberty to visit any of the Corporation’s nearest offices physically or utilize the NDIC online App or visit the Claims Page on our website.”
The functions of NDIC
The NDIC insures depositors via the discharge of its order in four main ways.
By insuring depositors’ funds and guaranteeing payment in the event of bank failure, by supervising the banks in partnership with the Central Bank of Nigeria (CBN) to ensure they comply with regulations, by resolving distress to reduce incidents of failure and by ensuring fair liquidation of failed banks to prevent disruptions to the payment system.
Hassan said the main reason the Corporation participated in the trade fair over the years was to continuously sensitize the banking populace and the general public about the existence of the Deposit Insurance Scheme and the measure of safety it offers to the financial industry.
Why NDIC participates at Lagos trade fair
The president of the Lagos Chamber of Commerce and Industry (LCCI), Asiwaju Michael Olawale-Cole, told journalists at the fair that the NDIC has been participating at the fair over the years because it offers assurance to investors and participants at the trade fair.
Speaking with journalists at the NDIC stand, Asiwaju Michael Olawale-Cole, president of the Lagos Chamber of Commerce and Industry (LCCI), expressed satisfaction with the level of participation at the annual trade fair by the NDIC.
NDIC wants Nigerians with trapped funds in 20 failed commercial Banks to come for their money, reveals process
Legit.ng reported that the Nigeria Deposit Insurance Corporation (NDIC), a parastatal under the Nigerian Ministry of Finance, has recovered customers deposits in 20 failed banks.
Bello Hassan, the NDIC's managing director/CEO disclosed this while speaking at the Abuja International Trade Fair.
Leadership reports that Hassan described the recovery as NDIC fulfilling its promise of protecting depositors in the event of bank failures.