NDIC begins verification for depositors of Service Saving & Loans

 .Declares 100% dividends for 20 banks in liquidation

COMFORT EKELEME, Business Editor

The Nigeria Deposit Insurance Corporation (NDIC) said it has commenced verification of depositors of post Service Savings and Loans in liquidation at the premises of the defunct bank nationwide.

Managing Director/ Chief Executive Officer of NDIC, Mr. Bello Hassan who disclosed this Tuesday in Lagos at the ongoing Lagos International Trade Fair said the exercise is in preparation for the settlement of the depositor’s claims.

Mr. Hassan who was represented by Director, Communications and Public Affairs Department, Bashir A. Nuhu during the Corporation’s special day at the fair said the NDIC has declared 100 per cent liquidation dividends for the 20 banks liquidated by the Central Bank of Nigeria (CBN), urging depositors to come and claim their deposits.

According to him, NDIC has realised enough funds to fully pay all depositors of the closed banks.

Some of the liquidated banks are ABC Merchant Bank Limited, Allied Commerce Bank, Commercial Trust Bank Ltd, Financial Merchant Bank Ltd, Continental Merchant Bank Plc, Ivory Merchant Bank, and Capital Merchant Bank among others.

The NDIC boss further noted that similar notices were also sent to creditors of seven Deposit Money Banks (DMBs) in liquidation and depositors and ex-staff of Eurobank savings loan, Okporo Micro Finance Bank, and Eurofield Micro Finance Bank.

He said the Corporation offers backbone to the payment of system to connect businesses and help them create values that impact the lives of the citizenry and the nation at large.

Hassan explained that the essence of the corporation’s participation in the Lagos International trade fair over the years is to continuously sensitize the banking community and general public about the existence of the Deposit Insurance Scheme (DIS) and the measure of safety it offers to the financial system.

He said this is important since public confidence in the financial system can only be enhanced when they are aware that their deposits are protected.

In his opening remarks,  President of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Michael Olawale-Cole said the Chamber has been working to l improve ease of doing business, build skills, support innovation, and strengthen the function of the Labour market to improve capabilities, reduce conflict and foster harmonious industrial relations.

He said his administration has been proactive and intentional in its support and interventions to improve and reinvigorate Micro Small and Medium Enterprises (MSMEs).