NDIC pays N11.83bn to depositors of failed banks

The Nigeria Deposit Insurance Corporation (NDIC) has paid N11.83 billion to 443,949 insured depositors of failed banks as of June 2022.

The Managing Director of NDIC, Bello Hassan, stated this yesterday at a workshop organized for journalists by the corporation in Port Harcourt.

He also said over N101.37bn has been paid to uninsured depositors of all categories of the banks so far.

The NDIC bank liquidation mandate entails reimbursement of insured and uninsured depositors, creditors and shareholders of banks in liquidation.

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He said, “The liquidation activities, as of June 30, 2022, covered a total of 467 insured financial institutions in liquidation, comprising 49 Deposit Money Banks (DMBs), 367 Microfinance Banks (MFBs), and 51 Primary Mortgage Banks (PMBs).

“Out of the 49 DMBs in liquidation, the corporation in September 2022 declared 100 per cent liquidation dividend in 20 of those institutions, meaning that the corporation has realized enough funds from their assets to fully pay all depositors of the listed banks.”

He also said the corporation has insured 981 financial institutions as of June 30, 2022.

The breakdown includes 33 DMBs made up of 24 commercial banks, six merchant banks and three Non-Interest Banks (NIBs) and two non-interest windows; 882 MFBs; 34 PMBs; three Payment Service Banks (PSBs) and 29 Mobile Money Operators, Hassan explained.