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NDIC to refund depositors of 23 distressed banks

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NIGERIAN Deposit Insurance Corporation (NDIC) has promised to refund depositors of 23 distressed banks in the country.

  Managing Director of NDIC, Bello Hassan, made this known during the 43rd Kaduna International Trade Fair, yesterday.

  Hassan in a statement released by the NDIC’s spokesman, Bashir Nuhu, said the money owed by the 23 distressed banks have been recovered fully.

  According to him, depositors whose funds have been trapped in unnamed liquidated banks should begin the process of claiming their money by submitting their details on NDIC’s online verification platform while the first payment made is the guaranteed sums, while the second tranche is liquidation dividends and prorated payments.

  “It may interest you to note that from its dogged liquidation activities, the corporation has declared 100 per cent liquidation dividends to depositors of 22 DMBs in liquidation. As a result, the corporation has since moved on to commence payment of liquidation dividends to creditors and shareholders of some of the banks, indicating that their depositors can access their full payment whenever they file their claims. The first payment made is the guaranteed sums, while the second tranche is liquidation dividends and prorated payments attached to the bank liquidation mandate of the corporation. Note that deposit funds in microfinance banks (MFBs), deposit money banks (DMBs), non-interest Banks (NIBs), primary mortgage banks (PMBs), subscribers of Mobile Money Operators (MMOs), and licensed payment service banks (PSBs) are insured by NDIC.  

  The maximum limit of insurance for DMBs, NIBs, PMBs and MMOs subscribers is N500,000.00 per bank, while that of MFBs is N200,000.00 per bank in the event of failure of the establishment,” he said.

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