NDIC Seeks FCT’s Support On Properties Of Failed Banks

The Nigeria Deposit Insurance Corporation (NDIC) is asking for the support of the Ministry of the Federal Capital Territory (FCT) in resolving issues surrounding the landed properties of banks in-liquidation within the FCT.

In a statement signed by the Director, Communication and Public Affairs Department, NDIC, Bashir Nuhu, the corporation said a quick resolution will enable it pay depositors of such financial institutions.

The statement said the Chairman of NDIC Board of Directors, Mrs. Ronke Sokefun, made the appeal during a courtesy by the management of NDIC to the Minister of the FCT, Mallam Mohammed Musa Bello, in Abuja.

Sokefun, said the corporation had faced some bottlenecks in the full payment of trapped depositors’ funds as a result of difficulty in realising assets of banks in-liquidation due to poor documentation by the banks, revocation of title by authorities and litigations over the assets.

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According to her, some of the assets are located within the FCT and appealed for the support of the ministry in realising them.

Also speaking on the issue, NDIC’s Managing Director/Chief Executive, Mr. Bello Hassan, explained the roles and relationship between the NDIC and the Asset Management Corporation of Nigeria (AMCON) in the management of banks assets.

He said that the NDIC as a liquidator, focuses on the assets of closed banks following revocation of their licence by the Central Bank of Nigeria (CBN) while AMCON was involved with only Non-Performing Loans (NPLs) of existing banks acquired by AMCON.

Bello, however, observed that problems relating to landed properties in the FCT were usually not by the ministry but from issues arising from the title of such properties.

He said the ministry was amenable to assisting the corporation in resolving issues around its properties and those of banks in-liquidation