NDIC Announces Payment of Over N1bn to Depositors of Failed Banks, Releases More Names
- NDIC has announced a significant milestone in its push to ensure financial stability in Nigeria's banking sector.
- The corporation, in a statement, announced that it has disbursed over N1 trillion to depositors of failed payment banks
- The payout will come as a major relief for depositors who had their funds trapped in the failed banks
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Bello Hassan, the Managing Director of the Nigeria Deposit Insurance Corporation, has revealed that over N1.08 billion has been paid to 29,573 depositors of failed banks.
He disclosed this while giving his speech at the 18th Abuja International Trade Fair on Thursday, October 5, 2023.
Source: UGC
According to Bello, the beneficiaries were depositors of Microfinance and Primary Mortgage Banks closed by the Central Bank of Nigeria
.He also noted that the payment was still ongoing, and also assured that depositors with funds exceeding the insured limit would get the liquidation dividends as soon as all debts ar recovered and sale of physical assets of the closed banks, Punch reports.
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His words:
"Following the Central Bank of Nigeria's revocation of licenses for 179 Microfinance Banks and four Primary Mortgage Banks, the NDIC promptly initiated the liquidation process and commenced the disbursement of insured funds to depositors within a mere 7 days of the banks' closure.
"It is noteworthy that as of September 22, 2023, the Corporation had disbursed a total insured amount of N1.084 billion to 29,573 depositors affected by the closure of these MFBs/MPBs.
"It is worth mentioning, however, that disbursements are still ongoing, and depositors holding amounts exceeding the insured limit will receive liquidation dividends once the debts are recovered, and the physical assets of the closed banks are sold."
The Nigerian depositors, he said, were the commission’s priority.
He added,:
“Currently, the corporation is in the process of verifying and paying liquidation dividends to depositors and stakeholders of 20 closed banks:
"They are Allied Bank, Peak Merchant Bank, Commerce Bank, Continental Merchant Bank, Financial Merchant Bank, Fortune Bank, Gulf Bank, Hallmark Bank, Icon Merchant Bank, Liberty Bank, Nigeria Merchant Bank, North South Bank, Premier Commercial Bank, Prime Merchant Bank, Progress Bank and Merchant Bank.”
Opay finally reacts to customers' alleged fraudulent withdrawals
In another development, Legit.ng reported that OPay has reacted to concerns raised by some customers about fraudulent withdrawals and missing funds from their accounts.
The complaints followed a viral video with some customers at the company's head office in Lagos.
The video had led to panic withdrawals from customers who were worried about falling victim to fraud.
Source: Legit.ng
