NDIC Pays N90bn To Depositors

The Nigeria Deposit Insurance Corporation (NDIC) yesterday stated that it had paid a cumulative sum of N90.13 billion to depositors of 48 Deposit Money Banks (DMBs) in-liquidation as at 31st December 2012.
Also, NDIC within the same time paid a total sum of N2.50 billion to insured depositors of 103 closed Microfinance Banks (MFBs).
The Managing Director\CEO of NDIC, Alhaji Umaru Ibrahim stated this during the NDIC day at the on-going Enugu International Trade Fair.
He noted that the corporation has a crucial role to play towards the safety, soundness and stability of Nigeria’s financial system.
According to Ibrahim, between 2011 and 2012, NDIC made cumulative liquidation dividend payments of N373.04m, N620.0m and N293.0 to shareholders of Alpha Merchant Bank, Nigeria Merchant Bank and Pan Africa Bank, respectively that are in-liquidation.
The NDIC further disclosed that the feats were in addition to the settlement of all the depositors and creditors of the three banks for which the corporation established bridge banks in 2011.
He emphasized the seamless introduction of the three bridge banks to save over 3.7 million depositors of the erstwhile Afribank Plc, Bank PHB and Spring Bank along with preservation of over 6600 jobs in August 2011.
He again disclosed that the regulatory authorities recently planned to introduce the promotion of financial inclusion initiatives in Nigeria through the agency banking and mobile banking, amongst others.
He noted that NDIC has created help desk that works 24 hours to enable customers report cases as arbitrary bank charges, account balances and fraud.

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