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NDIC pays N6.8bn to depositors of shut banks

By The Rainbow
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The Nigeria Deposit Insurance Corporation (NDIC) said it has paid N6.82billion to 528, 212 insured depositors of closed banks in the country as at December last year.

It said the figure surpassed the amount paid to depositors of closed banks in 2011, which stood at N6.68 billion for 527, 942 insured depositors.

The Managing Director of NDIC, Umaru Ibrahim, disclosed this at the weekend in Yenagoa, Bayelsa State on NDIC's special day at the ongoing trade fair in the state capital.

He was represented  by its Acting Zonal Controller, South- South, Samuel Dauda, the managing director said the bank also paid N2.50 billion to 75, 322 verified depositors of 95 of the 103 closed microfinance banks last year in the country.

This, he said,  was higher than what the bank paid for the same purpose in 2011 which stood at N2.249 billion for 72, 062 verified depositors.

Ibrahim said, 'N73.58 billion has been paid as liquidation dividend to 250, 209 depositors of Deposit Money Banks, DMBs, as at December 31, 2012.

'NDIC has declared liquidation dividends and paid general creditors of eight 'banks-in-liquidation' and former shareholders of three 'bank-in-liquidation' the sum of N1.122 billion and N1.286 billion as at December 31, 2012 respectively.'

Ibrahim said broad mandate of the bank was to provide deposit guarantee to depositors of insured financial institutions, banking supervision, failure resolution and liquidation.

According to him, the bank played a crucial role in ensuring the safety, soundness and stability of the financial system in the country.

The managing director said the participation of the NDIC in the Yenagoa Trade Fair was informed by its commitment to reach out to its customers in the quest to enhance public awareness on the mandate of the corporation.