We paid over N113bn for deposits in closed banks – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) says it has paid a total of N113.4 billion as insured and uninsured sums to depositors of closed banks since its inception.

The corporation said while a cumulative amount of N11.76bn as insured sums was paid to 535,815 depositors of the closed banks, a total of N101.66bn had been paid as an uninsured sum as of June 30, 2021.

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The managing director of the corporation, Bello Hassan, who revealed these figures on Wednesday at the 2021 Kano International Trade Fair, added that they have also been able to pay N6.159bn as liquidation dividends to 1,955 creditors and shareholders of the closed banks.

“Instructively, the corporation has declared full payment of insured and uninsured sums to depositors of 18 banks in liquidation.

“This implies that the corporation has realised a liquidation dividend to pay all depositors of the banks who presented themselves for payment,” he said.

Hassan, represented by NDIC Zonal Coordinator, Shehu Usman, also advised bank users not to patronise the services of “Ponzi schemes and illegal fund managers, otherwise called ‘wonder banks’ who parade themselves as deposit-taking institutions to dupe unsuspecting members of public of their hard-earned money.

He said this is critical, especially against the backdrop of the COVID-19 pandemic that brought about disruptions and challenges to business activities that have created an unpredictable financial environment.