NDIC to pay depositors of 30 closed Microfinance Banks

COMFORT EKELEME

The Nigeria Deposit Insurance Corporation (NDIC) said it realised enough funds to pay all depositors and creditors of the closed banks.

NDIC however, asked depositors and creditors of 30 closed microfinance, primary mortgage, and deposit money banks to proceed for verification and payment of the excess of their guaranteed sums.

Managing Director/ Chief Executive Officer of NDIC, Malam Bello Hassan, stated this during the NDIC Special Day at the 44th Kaduna International Trade Fair.

Hassan, who was represented by the Manager Communications and Public Affairs Unit, Tanko Ibrahim Yahaya, noted that the NDIC has realised enough funds to pay all depositors and creditors of the closed banks.

According to Hassan, the Deposit Money Banks (DMBs) Primary Mortgage Banks (PMBs), the Payment Service Banks and Mobile Money Operators are all insured up to N500, 000 per depositors per bank, while those of Microfinance Banks are insured up to N200, 000 per depositor per bank.

He said, “recently, the Corporation repeated its call to depositors of 20 closed banks on which it has declared full (i.e 100 per cent) liquidation dividends to come forward for verification and payment of their deposits that are in excess of the guaranteed sums.

The implication of this is that through our dogged liquidation activities, the Corporation has realised enough funds to fully pay all depositors of the closed banks.

“Similar notices were also sent to creditors of seven DMBs in liquidation as well as depositors and ex-staffs of two MFBs and a PMB, details of which are still available on our website and social media handles. I call on depositors, creditors and shareholders of the listed closed banks to avail themselves of the verification platforms provided by the Corporation to claim their funds.

“We are happy to notify the general public that the Corporation has won the court case versus shareholders of the defunct Fortune Bank International, hence all depositors of the defunct bank can now visit our offices across the country to file their claims for the purpose of reimbursement of their trapped deposits in the bank or use the other channels,” he said.

Hassan further assured that the Corporation protects depositors through the discharge of its mandate in four critical ways.

He listed the method of protection to include guaranteeing deposits in banks, supervising the banks in conjunction with the Central Bank of Nigeria (CBN) to ensure that they are run in efficient manner in line with extant laws and regulations, resolving issues of distressed banks to reduce instances of failure, and ensuring orderly and efficient liquidation of failed banks to prevent disruptions to the payment system.

Speaking further, he noted that “Apart from depositors of Deposit Money Banks (DMBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MBs), the Corporation has also been responsive by extending deposit insurance coverage to depositors of Non-Interest Banks (NIBs), Payment Service Banks (PSBs) and subscribers of Mobile Money Operators (MMOs).

Depositors of DMBs, PMBs, PSBs, and subscribers of MMOs are insured up to a maximum limit of N500, 000.00 per depositor per bank, and those of MBs are guaranteed up to a maximum limit of N200, 000.00 per depositor per bank.”

The NDIC, also assured depositors who have expressed concerns over the hiccups in the new Naira notes distribution that their monies in the banks, noting that all legitimately deposited monies in the banks are safe.