Failed Bank Depositors Get N6.15bn


The Nigeria Deposit Insurance Corporation (NDIC) has so far paid N6.15 billion of the N11.58 billion dividends declared to the depositors of the 35 failed commercial banks, the managing director said.

Alhaji Umaru Ibrahim said this at the inauguration of the new executive members of the Finance Correspondents Association of Nigeria (FICAN) on Tuesday in Lagos.

He said that NDIC had also paid N3.30 billion out of N5.24 billion insured deposits of 35 deposit money banks that were closed pre-consolidation.

Ibrahim, who was represented by Alhaji Mohammed Bichi, Head, Public Affairs Department, said that the corporation had also paid four billion naira to 69,000 depositors of failed micro finance banks.

He said that the figure represented the payment made to the depositors of 91 out of the 92 micro finance banks that came forward to claim their deposits.

The NDIC chief said that arrangements had also been concluded to continue with the payment to depositors of the affected micro finance banks through Intercontinental Bank and Unity Bank.

“We also have concluded arrangements to commence payment of insured depositors of Fortune Bank and Triumph Bank through Access Bank and Intercontinental Bank,” he said.

Ibrahim said that as part of the collaborative efforts of the NDIC and Central Bank of Nigeria (CBN) to keep abreast with global best practices, the nation’s banking industry witnessed introduction of micro finance banks and primary mortgage institutions.

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