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Published On: Wed, Feb 26th, 2014

NDIC to pay depositors of liquidated microfinance banks

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The Nigeria Deposit Insurance Corporation (NDIC) said it had started processing documents for payment of deposits of customers in the 83 microfinance banks whose licence were recently revoked.

The NDIC Director of Communications, Alhaji Hadi Birchi, disclosed this to the News Agency of Nigeria (NAN) in Abuja on Wednesday.

Birchi said that the corporation had also started the verification of assets and liabilities of the revoked banks.

He said that payment of deposits to customers of the banks would commence after the classification of their assets and liabilities and that the members of the public would be adequately informed.

Birchi said that the corporation was working to ensure that the procedure was not delayed, saying that the exercise would not take much time.

He assured that NDIC would continue to play its role of ensuring safety of deposits of customers in finance houses.

NAN recalls that the Central Bank of Nigeria (CBN), on Feb. 20, announced the revocation of licence of 83 microfinance banks. The apex bank did not give reason for the closure of the banks, but said that the revocation of the licence took effect from Dec. 20, 2013.

It said that NDIC had been appointed the provisional liquidator for the affected banks. (NAN)

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