“Full List”: NDIC Releases N1.7bn to Customers of 183 Failed MfBs, PMBs

• The Managing NDIC) has said it has disbursed about N1.7 billion to customers of Microfinance Banks and Primary Mortgage Banks
• Bello Hassan, the Managing Director and Chief Executive of NDIC the corporation paid the amount to 22,000 of the 183 MfBs and four PMBs
• He said that the NDIC is urging customers without BNVs to come forward for verification and payment

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The Nigeria Deposit Insurance Corporation (NDIC) said it has disbursed over N1.7 billion to customers affected by the license revocation of Microfinance Banks (MfBs) and the four Primary Mortgage Banks (PMBs).

The Managing Director of NDIC, Bello Hassan, disclosed this at the Editors Forum in Lagos, saying that the payments were made following the license revocation by the Central Bank of Nigeria earlier this year, which affected 183 Microfinance Banks and Primary Mortgage banks.

Read also

PenCom calls on former workers of Diamond Bank, Oceanic Bank, others to claim N12bn fund

Hassan said the corporation quickly advertised and informed depositors to provide the necessary documents for verification so they could be paid.

He said the payment totaling about N1.7 billion was made to over 22,000 customers, urging depositors without a Bank Verification Number (BVN) attached to their accounts to come for verification and claim their insured sums.

Leadership reports that the NDIC boss stressed that insured deposits represent the initial claim paid to depositors by NDIC in case of a bank’s license revocation, with set limits of N200,000 and N500,000 per depositor per bank for MfB and PMB sub-sectors, respectively.

Hassan highlighted the importance of the Deposit Insurance System, saying NDIC’s role is to minimize bank risks and failures through strict banking supervision, reimbursement to depositors, and orderly liquidation of failed banks.

Read also

Bankers want BDCs to verify customers' transactions above $10,000

According to the NDIC boss, the corporation complements the efforts of the Central Bank of Nigeria (CBN) in maintaining a secure and stable banking system and supporting fiscal authorities in preserving stability within the broader financial system, which is essential for economic growth and development.

Full List: NDIC names 182 liquidated banks, offers to pay customers insured sum

Legit.ng reported that the Nigeria Deposit Insurance Corporation has begun paying all depositors of banks affected by the recent license revocation by the Central Bank of Nigeria (CBN).

The affected banks include 178 Microfinance Banks and four Primary Mortgage Banks, 62 of which had already stopped operations, and 74 were declared insolvent. At the same time, 12 were temporarily distressed, and the remaining six were voluntarily liquidated.

The Managing Director of NDIC, Bello Hassan, gave the assurance recently while speaking at a two-day capacity-building workshop organized in partnership with the Bureau of Public Procurement held at Four Points By Sheraton in Ikot Ekpene.

Source: Legit.ng