We’ve liquidated depositors of 20 failed banks – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) says as part of fulfilling its mandate to ensure safety of bank deposits, it has successfully liquidated bank customers of 20 failed banks.

The Managing Director of NDIC, Bello Hassan, made the disclosure in Abuja on Monday during the special day of the NDIC at the ongoing Abuja International Trade Fair.

Represented by the deputy director, Corporate Communications, Hauwa Gambo he said, “The corporation has strengthened its collaboration with the judiciary to expedite the prosecution of failed institutions. This has resulted in the resolution of long-standing cases and the declaration of 100% liquidation dividends to uninsured depositors of over 20 closed banks.

“Alternative Dispute Resolution mechanisms have also been employed to enhance our liquidation activities and improve debt recovery,” the MD said.

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Hassan further encouraged depositors of any closed bank, especially Heritage Bank, who are yet to receive their payments, to come forward with their BVN, proof of account ownership, identification and alternative account details.

Speaking on the fair which has the theme, “Mobility: Options for Transport, Trade Finance, and Taxation”, he said it highlights the vital interconnection between transportation, trade finance and taxation in fostering economic growth.

“Trade finance and taxation policies play essential roles in supporting businesses, managing risks, and shaping our trade activities. By improving our transportation infrastructure and financial policies, Nigeria can bolster its position in the global market,” he added.