The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that liquidation dividends totaling N16.18 billion, intended for depositors of 20 closed banks, remain unclaimed.
During the ongoing 44th Kano International Trade Fair, themed “Economic diversification, inclusive growth, and sustainable development,” Bello Hassan, the Managing Director and Chief Executive Officer of NDIC, revealed that the corporation has disbursed N1.595 billion to 41,034 depositors of 129 Microfinance Banks (MFBs) and three Primary Mortgage Banks (PMBs).
Hassan emphasized the swift response of NDIC following the recent revocation of licenses for 179 Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs) by the Central Bank of Nigeria. The NDIC promptly initiated the liquidation process, disbursing insured sums to depositors within just seven days of the banks’ closure.
He stated, “The corporation has declared full liquidation dividends in the amount of N16.18 billion for depositors of 20 closed banks to come forward for verification and payment of their deposits that are in excess of the guaranteed sums.”
Hassan further highlighted the varying insurance coverage for depositors in case of bank failure, noting that the maximum limit for Deposit Money Banks (DMBs), Primary Mortgage Banks (PMEs), Non-Interest Banks (NIBs), Payment Service Banks (PSBS), and Mobile Money Operators (MMOs) is N500,000 per depositor per bank. For Microfinance Banks (MFBS) depositors, the maximum insurance limit is set at N200,000 per depositor per bank. These limits undergo periodic reviews by the Corporation’s Board to ensure comprehensive coverage for the majority of depositors.
