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N2.54bn FG, states, LG funds abandoned in banks –NDIC

N2.54bn FG, states, LG funds abandoned in banks –NDIC

The Nigerian Deposit Insurance Corporation (NDIC) has disclosed that a total of about N2.54bn, belonging to ministries, departments and agencies (MDAs) of the federal and state governments was abandoned in unnamed banks following fear of liquidation and other undisclosed factors.

A breakdown of the figure showed that the Federal Government agencies have about N1.5bn; state agencies, N949.2m with local governments having N57.5m in the banks.

Other reasons for abandoning the cash were attributed to inability of most of the depositors to come for the cash as some did not follow due process in opening the accounts.

But the corporation said it had compiled the records and would be willing to have such money returned to the various organs of government that owned them.

It has therefore issued a statutory 60-day notice for filing of claims leading to the process of repayment to appropriate offices.

Part of its statement reads: “The records of 47 failed banks in-liquidation indicate that some local governments as well as ministries, departments and agencies (MDAs) of the federal and state governments are yet to file their proof of claims with the Liquidator for the payment of insured deposits and liquidation dividends despite the efforts of the Corporation to inform them of that legal requirement.”

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