NDIC pays N6.82bn to closed banks' depositors

By The Rainbow

The Nigeria Deposit Insurance Corporation (NDIC) has paid a total of N6.82 billion to 528,212 insured depositors of closed banks as of June this year.

According to the Managing Director/Chief Executive Officer, NDIC, Alhaji Umaru Ibrahim, the amount was N14 million higher than the N6.68billion the agency had paid to 527,942 insured depositors of closed banks as of December 31, 2011.

He spoke  in an address during the corporation's special day at the recently concluded Lagos International Trade Fair.

The NDIC boss, who was represented by the Executive Director, Corporate Services, Mrs. Lola Abiola-Edewor, added that  the corporation had also paid a total sum of N2.520 billion to 75,520 depositors of 95 out of 103 closed microfinance banks as of June 30, 2013.

Furthermore, he said the sum of N73.589 billion had been paid as liquidation dividend to 250,209 depositors of deposit money banks as at June 30, 2013, adding that a total of 14 out of the 34 banks in liquidation prior to 2006 had declared a final dividend of 100 per cent of their total deposits.

This, he said, indicated that all depositors of the affected closed banks had fully recovered their deposits.

He said that the NDIC re-branding initiative was part of its strategic re-engineering to review the process, procedures and systems of the corporation in order to effectively discharge its mandate.

According to him, the development will help the corporation to occupy a prime spot in the hearts of the depositors and other stakeholders who would continue to trust the NDIC towards its abiding commitment to protect their interests and hard  earned deposits.

He added: 'In order for the new NDIC brand to continue to efficiently and effectively deliver on its mandate and also be a beacon of hope and a bastion of trust and reliability to the average Nigerian depositors, the NDIC Act would need to be fortified in view of developments in the international financial system in general, and the Nigerian financial service industry in particular.'