The Nigeria Deposit Insurance Corporation (NDIC) has stated that it has refunded depositors of not less than 179 closed microfinance and mortgage banks in the country, News About Nigeria reports.
The Managing Director of the NDIC, Dr. Bello Hassan, stated this at the NDIC Special Day during the ongoing 45th Kaduna International Trade Fair on Thursday.
He noted that the priority of the corporation was the protection of Nigerian depositors’ funds at licenced banks in distress.
Hassan, who was represented by the NDIC’s Deputy Director of Communication, Hauwa Gambo, stated that the NDIC has enhanced its collaboration with the judiciary to ensure speedy prosecution of failed insured banks, which has resulted in resolving long-drawn cases of closed banks such as Fortune and Triumph Bank’s liquidation.
He, however, noted that the efforts have significantly improved the debt recovery rate, which enabled the corporation to declare 100 percent liquidation dividends to uninsured depositors of more than 20 deposit money banks in liquidation.
“Moreover, we have utilised alternative dispute resolution mechanisms and out-of-court settlements, revitalising our liquidation activities.
“These efforts have significantly improved our debt recovery rate, enabling us to declare 100 percent liquidation dividends to uninsured depositors of more than 20 deposit money banks in liquidation.
“The Corporation achieved remarkable success in reimbursing depositors during the recent closure of 179 microfinance banks and four primary mortgage banks, ensuring timely payment of insured sums,” he added.
He, therefore, urged depositors of banks in liquidation to utilise the various initiatives by the corporation in claiming their funds trapped in closed banks while assuring that the NDIC remained committed to protecting Nigerian depositors.
