The Nigeria Deposit Insurance Corporation (NDIC) said it has paid out a total of N6.825 billion to 528,277 insured depositors of the 48 commercial banks in liquidation as at August 31,2014.
The corporation also said it has paid a cumulative sum of N2.756 billion to 80,059 insured depositors of 186 closed Microfinance banks as at August 31, 2014.
In an address at the NDIC special day at the ongoing 2014 Lagos international trade fair, Managing Director NDIC, Alhaji Umaru Ibrahim, said the payment followed revocation of the operating licenses of about 48 insured Deposit Money Banks (DMBs) between 1994 and 2006 as well as 103 Microfinance Banks (MFBs) in 2010, 83 in 2013 and 26 Primary Mortgage Banks (PMBs) in 2014.
He reiterated that the core mandate of the corporation is to protect depositors, enhance confidence and foster the safety, soundness and stability in the financial system.
Represented by Dr Kachollom Gang, Head of Strategy Development Department, NDIC the NDIC boss further disclosed that a cumulative sum of N93.646 billion had been paid as liquidation dividend to 250,497 depositors with claims in excess of the insured limit as at August 31,2014.
“ It is also gratifying to note that the NDIC had declared a final dividend of 100 per cent to depositors of 14 closed DMBs as at December 2013, indicating that all the depositors in those closed banks had fully recovered their deposits.
“ I am proud to inform you that NDIC, as a deposit insurer, has also been effectively responding to all emerging issues in the global financial system, particularly financial literacy, consumer protection, financial inclusion, sustainable banking and extension of deposit insurance coverage to depositors of non-interest banks,” Ibrahim said.
Similarly, the corporation according to him, paid liquidation dividend, which stood at N2.031 billion to 453 shareholders of Alpha, Pan African and Nigeria Merchant Bank, as at 31st August, 2014.
According to Ibrahim, NDIC has created customer cola isn’t units in its Bank Examination Department (BED) and Special Insured Institutions Department (SIID) to cater for the need of customers of DMBs, MFBs and PMBs who wish to lodge complaints.
SOURCE: Nigerian Tribune
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