The Nigeria Deposit Insurance Corporation (NDIC) has said it will soon commence paying off of depositors of the 154 Microfinance Banks (MFBs) and six Primary Mortgage Banks (PMBs) whose licenses were revoked by the Central Bank of Nigeria.
The Managing Director and Chief Executive of the NDIC, Umaru Ibrahim, disclosed this while speaking at the opening ceremony of a workshop for business editors and financial correspondents in Benin on Wednesday
Ibrahim said the corporation will be paying 100 per cent of the funds of the depositors of the financial institutions.
Ibrahim who was represented by the Director, Insurance and Surveillance Department, Muhammed Umar, noted that the NDIC has commenced verification of insured depositors and is to commence paying verified claims to appropriate depositors in fulfilment of its core mandate.
According to him, records from the verification process showed that majority of the depositors especially in the MFBs, have less than N200,000 in their accounts. This he said means that the NDIC payout will cover 100 per cent of the depositors.
Some of the financial institutions whose licenses were revoked had ceased to carry on the type of banking business for which their licenses were issued for a continuous period of more than six months while others had gone into voluntary liquidation.
