NDIC pays N119.1bn to customers of closed banks — MD

The Nigerian Deposit Insurance Corporation (NDIC) says that it has paid N119. 1 billion as sums insured to 5,535, 815 depositors, creditors and shareholders of closed banks as of December 29, 2021.

NDIC Managing Director Mr. Bello Hassan revealed this on Friday in Enugu during the 33rd Enugu International Fair.

Hassan also said that a total of N101. 117 billion had been paid as uninsured sums.

According to him, the corporation has declared full payment of insured and uninsured sums to depositors of 18 banks in liquidation.

“This implies that the corporation has made liquidation dividends to pay all bank depositors who show up for payment.

“The corporation has been quick to respond to emerging issues in the rise of Fintech and other forms of digital government services with a view to extending Deposit Insurance Coverage to new government services.

“I assure you that NDIC will not rest on its oars in its tireless efforts to protect depositors through swift operational responses to new developments in the banking system,” he said.

He said the NDIC’s mandate focuses on protecting depositors, especially small and less sophisticated ones, against the risk of bank failure.

He said that a solid and stable official system is the axis on which the economic system of any nation rests.

Hassan urged Nigerians to always save money in authorized banks where their savings are protected.

“People should also endeavor to report cases of dubious activity from the Central Bank of Nigeria (CBN) and the NDIC via 080063424357,” Hassan said.

Earlier, the chairman of the Enugu Chamber of Commerce, Industries, Mines and Agriculture (ECCIMA), Mr. Jasper Nduagwuike, said that the NDIC had carried out its duties effectively.

Nduagwuike said that the corporation, through its excellent interventions, made people forget about the negative effects of the bank failure.