2022 NDIC ,FICAN Workshop Holds In Port Harcourt

As NDIC Reveals Paying Over Dividends To Depositors In 20 Failed Banks

Participants and organisers in group photograph

The Nigeria Deposit Insurance Corporation, NDIC, says it has settled liquidation dividends in twenty, out of the forty- nine Deposit Money Banks, DMBs in liquidation in the country.

The Managing Director of NDIC , Mr Hassan Bello,
stated this at the 19th edition of the NDIC Workshop for Business Editors and Finance ,Correspondents.

Mr Bello explained that as at June this year, it covered a total of 467 insured financial institutions in-liquidation, comprising of 49 DMBs, 367 Microfinance Banks, and 51 Primary Mortgage Banks.

The NDIC MD pointed out that the corporation had cumulatively paid eleven point eight billion naira to over four hundred thousand depositors of banks in-liquidation.

He added that the corporation provides coverage to a total of 981 insured financial institutions.

The NDIC MD also said that the Corporation has developed and deployed the Single Customer View, SCV, platform for the Microfinance and Primary Mortgage Banks in order to strengthen their processes and procedure for data collection.

Mr Bello noted that this was done to ensure faster and orderly resolutions of liquidated insured institutions,

According to him, the platform will not only ensure availability of quality, timely and complete data to the NDIC, but also eliminate delays often experienced in reimbursing depositors following revocation of institutions’ licenses by the Central Bank of Nigeria, CBN.

Mr. Hassan Bello stressed that the Corporation has strengthened its complaints resolution platforms as well as its Bank Examination Department to improve the confidence in the financial sector.

The theme of the workshop is ‘Boosting Depositors’ confidence amidst emerging issues and challenges in the Banking industry’.

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