NDIC pays N1.7bn to customers of failed banks

The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, said on Saturday the agency has paid insured deposits of over N1.7 billion to customers of failed Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs) in the country.

He stated this at the 2023 NDIC Editors Forum in Lagos.

The MD said: “Recall earlier this year the Central Bank of Nigeria revoked the licenses of 183 institutions comprising Microfinance Banks and Primary Mortgage Banks.

“We quickly advertised and told affected depositors to get the required documents and come forward for verification so that we can pay them the insured amount.

“So, in terms of insured amount, we have paid more than N1.7 billion to more than 22,000 customers and we are calling on those customers that had no Bank Verification Number attached to their accounts to come forward to get their claims verified so that we can pay them the insured amount.

READ ALSO: NDIC to pay N16.1bn liquidation dividends of 20 failed banks

“We are still on that. So, I’m using this opportunity to appeal to those depositors to come forward so that they can be verified and their claims paid.”

The insured deposit is the first claim that NDIC paid to depositors following the revocation of a bank’s licence by the CBN.

The maximum specified limits for the MFB and PMB sub-sectors are N200,000 and N500,000 per depositor.

The NDIC boss said the Deposit Insurance System implemented by the corporation was an important component of the nation’s financial safety net.

“It complements the efforts of the CBN to achieve a secure and stable banking system as well as support the fiscal authority in maintaining stability within the broader financial system, serving as the foundation for economic growth and development,” he added.

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