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Published On: Fri, Nov 14th, 2014

NDIC pays N6.8bn to 528,277 depositors of 48 DMBs

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From Ngozi Onyeakusi, Lagos

The Nigeria Deposit Insurance Corporation (NDIC) yesterday said it has paid a cumulative sums of N6.8 billion to 528,277 insured depositors of the 48 Deposit Money Banks (DMB) in-liquidation as at August 31st, 2014 even as it has settled to the tune of N2.756 billion the 80,059 insured depositors of 186 closed MFBs within the same period.

The payment according to the corporation was made following the revocation of the operating licenses of about 48 insured DMBs in 1994, 1995, 1998, 2000 and 2000 and 103 Micro-finance Banks (MFBs) in 2010, 83 in 2014 and 26 Primary Mortgage Banks (PMBs) in 2014.

Delivering an address at the occasion of the NDIC Special Day at the 2014 Lagos International Trade Fair, the Managing Director, NDIC Alhaji Umaru Ibrahim stated that a total sums of N93.6 billion had been paid to 250,497 depositors as liquidation dividend with claims in excess of the insured limit as at August 31st, 2014.

Ibrahim who was represented by the Head, Strategy Development Department NDIC, Dr. Kachollam Gang stated that the corporation had declared a final dividend of 100 per cent to depositors of 14 closed

DMBs as at December, 2014, indicating that all the depositors in those closed banks had fully recovered their deposits adding that NDIC had paid liquidation dividend, which stood at N2.031 billion to 453 shareholders of Alpha, Pan African and Nigeria Merchant Bank which was as at 31st, August, 2014.

He noted that the continuous participation of the NDIC in the Lagos international trade fair since 2008 spoke volumes about the corporations share vision with the chamber to promote collaboration among business concerns and public institutions towards opening up new economic partnerships with a view to attracting foreign investments into the country.

The commitment of the chamber according to him was further reinforced by the theme of this years fair: ‘ promoting the Nigerian Economy as a Preferred Investment Destination’ insisting that it was apt as it focused attention to the nations economy , which is in line with the transformation agenda of the Nigerian present administration.


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