The Nigeria Deposit Insurance Corporation, NDIC, has announced that Liquidation dividends worth N16.18 billion for depositors of 20 closed banks remain uncollected. The Managing Director and Chief Executive Officer, Bello Hassan, made this known at the ongoing 44th Kano International Trade fair.
Bello Hassan disclosed that a total of N1.595 billion has been paid to 41,034 depositors of 129 Microfinance Banks (MFBs) and three Primary Mortgage Banks (PMBs). Following the revocation of licenses for 179 Microfinance Banks and 4 Primary Mortgage Banks by the Central Bank of Nigeria, the NDIC promptly began the liquidation process and initiated payments to depositors within seven days of the banks’ closure.
Hassan also emphasized that the NDIC has successfully declared full liquidation dividends of N16.18 billion for the depositors of 20 closed banks, urging them to come forward for the verification and collection of their excess deposits. Furthermore, he outlined the insurance coverage for depositors, highlighting the varying maximum limits for different banking institutions. For instance, depositors of Deposit Money Banks, Primary Mortgage Banks, Non-Interest Banks, Payment Service Banks, and Mobile Money Operators are insured up to a maximum limit of N500,000 per depositor per bank, while depositors of Microfinance Banks have a maximum insurance limit of N200,000 per depositor per bank. These insurance limits undergo periodic review by the Board of the Corporation to ensure comprehensive coverage for the majority of depositors.
