NDIC Reimburses Depositors of 179 Liquidated Banks

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The Nigeria Deposit Insurance Corporation (NDIC) has announced the successful reimbursement of depositors affected by the closure of 179 microfinance banks and four mortgage banks nationwide.

Dr. Bello Hassan, the Managing Director of the NDIC, made this declaration during the NDIC Special Day at the 45th Kaduna International Trade Fair on Thursday. Represented by Hauwa Gambo, the Deputy Director of Communication at NDIC, Hassan reaffirmed the corporation’s commitment to protecting the funds of depositors in distressed licensed banks.

Hassan highlighted the implementation of the Single Customer View framework, aimed at expediting payments to depositors of liquidated banks. Additionally, he emphasized the corporation’s strengthened collaboration with the judiciary to expedite the prosecution of failed insured banks, leading to the resolution of longstanding cases such as the liquidation of Fortune and Triumph Banks.

These initiatives have significantly improved the debt recovery rate, enabling the NDIC to declare 100 percent liquidation dividends to uninsured depositors of more than 20 deposit money banks.

“Our priority at NDIC is the protection of Nigerian depositors,” Hassan reiterated. “We are dedicated to safeguarding depositors’ funds from the adverse effects of bank failure.”

He further noted that the NDIC has promptly compensated clients affected by the closures of microfinance and primary mortgage banks, deploying digital remote payment strategies for electronic funds transfers to verified depositors’ alternate bank accounts.

To address the challenges faced by depositors with small balances, Hassan announced the launch of the ‘Deposit Tracer’ initiative in collaboration with mobile operators. This initiative allows depositors to access their unpaid balances through mobile accounts, aiming to facilitate the retrieval of funds trapped in closed banks.

Hassan encouraged depositors of banks in liquidation to take advantage of these initiatives provided by the corporation to claim their funds effectively.


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