Trapped Funds: NDIC Tells Depositors, Creditors of Failed Banks in Nigeria to Come for Payment

• Nigeria Deposit Insurance Corporation (NDIC) has stated its readiness to pay depositors of failed banks
• The managing director of NDIC said the corporation has secured enough funds to pay customers
• The NDIC explained that deposit money banks are insured to the tune of N500,000 per depositor per bank and MFBs N200,000 per depositor per bank

The Nigeria Deposit Insurance Corporation (NDIC) said that it had gathered enough funds to pay depositors and creditors of closed Microfinance Banks and primary mortgage and deposit money banks(DMBs) and asked them to come forward with verification and payment.

The Managing Director and Chief Executive Officer of NDIC, Bello Hassan, said this during NDIC Special Day at the ongoing 44th Kaduna International Trade Fair.

NDIC extends insurance coverage to non-interest banks

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Vanguard reports that the NDIC boss, represented by the Corporation’s Manager, Communications and Public Affairs Unit, Tanko Ibrahim Yahaya stated that DMBs and primary mortgage bank operators were insured up to N500,000 per depositor per bank and Microfinance Bank operators were insured up to N200,000 per depositors.

He said aside from depositors of DMBs, Primary Mortgage Banks, and Microfinance Banks, the NDIC has also responded by extending deposit insurance to Non-Interest Banks, Payment Service Banks, and subscribers of Money Operators.

He said:

“Recently, through newspaper adverts, radio and television announcements, and notices on our website and social media handles, the Corporation repeated its call to depositors of twenty closed banks in which it has declared full (i.e. 100%) liquidation dividends to come forward for verification and payment of their deposits that are more than the guaranteed sums.”

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Functions of NDIC

Over 25 banks are listed as failed banks by NDIC in Nigeria, with billions of naira lost by depositors.

The NIDC supervises banks to protect depositors; foster monetary stability; promote an effective and efficient payment system; and promote competition and innovation in the banking industry.

NDIC asks depositors of 20 failed banks to come for claims Payment

Legit.ng reported that 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.

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.

Source: Legit.ng