Nigeria Deposit Insurance Corporation (NDIC)

The Nigeria Deposit Insurance Corporation (NDIC), has paid depositors, creditors and shareholders of failed banks the sum of N 116.258 billion as Liquidation Dividends.

The Managing Director (MD), Alh Umaru Ibrahim, disclosed this at the 30th anniversary Press briefing in Abuja, yesterday.

Alh. Ibrahim who was represented by the Director of Communications and Public Affairs, Dr Sunday Oluyemi, said: “To date, a cumulative amount of over ₦29.112 billion was recovered from debtors of Deposit Money Banks (DMBs) in-liquidation. ₦129.10 million was realized from debtors of failed Micro Finance banks (MFBs), while that of Primary Mortgage Banks (PMBs) stood at N300 million.

“On realisation of assets, currently ₦21.502 billion was collected from the disposal of physical assets of closed DMBs, while N404.74 million and ₦78.17 million were realised in respect of MFBs and PMBs, respectively.

“Debt collection and Assets sales culminated in the payments of over ₦116.258 billion as Liquidation Dividends to Depositors, Creditors and Shareholders of closed DMBs, MFBs and PMBs as at today.

“It is important to stress that through sustained and diligent liquidation activities, NDIC has realized assets to pay in full, deposits of the customers of 17 of the DMBs (in-liquidation). In effect, all the depositors of the 17 defunct banks who came forward to file their claims have been paid all their monies (both insured and uninsured) erstwhile trapped in those banks.”

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