NDIC declares 100% dividends to 22 banks in-liquidation

The Nigeria Deposit Insurance Corporation (NDIC) says it has declared 100 per cent liquidation dividends to depositors of 22 Deposit Money Banks (DMBs) in-liquidation.

Speaking at the NDIC special day at the ongoing 34th Kaduna International Trade Fair, the Managing Director and Chief Executive Officer of the corporation, Bello Hassan, said what this means is that NDIC has realised enough to pay all depositors of the concerned 22 DMB’s 100 per cent of their money trapped in the affected banks.

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“This is fundamental to us because the populace’s confidence in the financial system can only be guaranteed when they are aware that their deposits are protected and that in the unlikely event of failure, there is an agency of government that would have their back,” he said.

Represented by the Director, Communication and Public Affairs, Bashir Nuhu, the NDIC MD further disclosed that “Presently, each depositor of DMBs, NIBs, PMBs and subscribers of MMOs are insured up to the maximum limit of N500,000 per bank in the event of failure; while the maximum insured coverage for depositors of MFBs is N200,000 per bank.

“The corporation has declared 100 per cent liquidation dividends to depositors of 22 DMBs in-liquidation. What this means is that NDIC has realized enough to pay all depositors of the concerned 23 DMBs 100 per cent of their money trapped in those banks.

“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 payments whenever they file their claims.”

He said the theme of the fair, ‘Consolidating Interface between Industry and Agriculture for Nigeria’s Sustainability Development’, aligns with the federal government’s drive of developing the non-oil sector, most especially, agriculture to create employment using the agricultural value chain to empower citizens economically.