The Nigeria Deposit Insurance Corporation, NDIC today called on depositors of 20 failed banks to come forward and claim their liquidation dividends amounting to N16.8 billion.
The Managing Director of the corporation, Bello Hassan made the call during the NDIC special day at the 44th Kano International Trade Fair taking place in Kano, reports Vanguard.
Hassan represented by his Director, Rakiya Imam called on the depositors to make themselves available for verification in order to claim their deposits.
According to him, “The Corporation has recorded significant achievements in the area of bank liquidation. The Corporation has declared full (l.e. 100%) liquidation dividends in the amount of N16.18 billion for depositors of twenty (20) closed banks to come forward for verification and payment of their deposits that are in excess of the guaranteed sums, otherwise called “liquidation dividends.
“The closed banks covered by this exercise include Liberty Bank, City Express Bank, Assurance Batik, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), Premier Commercial Bank, North South Bank, and Prime Merchant Bank.
“Others are Commercial Trust Bank, Cooperative and Commerce Bank, Rims Merchant Bank, Pan African Bank, Fortune Bank, All States Trust Bank, Nigeria Merchant Bank, and Amicable Bank in-liquidation. We urge relevant stakeholders to visit any NDIC office or access the claims,” he said.
Hassan hinted that recently, following the revocation of lincences for 179 Microfinance Lanes (MFDS) and 4 Primary Mortgage Banks (PMBS) by the Central Bank of Nigeria, the NDIC immediately commences liquidation of the banks and began disbursing Insured sums to the Depositor’s within just 7 days of the closure of the Microfinance banks.
“It’s Important to note that out of these, the NDIC has paid N1.5 Bn to 41,034 Depositor’s of 129 MFBs and PMBs, adding that Payments are still ongoing and depositors with funds exceeding the standard will receive liquidation dividends after recovery of debts and sale of physical assets of the closed banks.
“It is imperative to note that in the unfortunate event of bank failure, the insurance coverage for depositors varies across different banking institutions, while depositors of Deposit Money Banks (DMBS), Primary Mortgage Banks (PMEs), Non-Interest Banks (NIBs), Payment Service Banks (PSBS), and subscribers of Mobile Money Operators (MMOs) are insured up to a maximum limit of N500,000 per depositor per bank, for depositors of Microfinance Banks (MFBS), the maximum insurance Iimit stands at N200,000 per depositor per bank.
“These insured limits undergo process reviews by the Board of the Corporation, ensuring comprehensive coverage for the majority of depositors, Furthermore, depositors holding lincences exceeding the insured sums receive regular payments of the excess in the form of liquidation dividends, that also extends to the benefit of creditors and shareholders of the respective banks,” he said.
The Managing Director however assured that the NDIC will continues to work in collaboration with the Central Bank of Nigeria (CBN) to ensure effective supervision of Banks and adherence to procedures guidelines and the Code of Corporate Governance for banks, which safeguards the safety and stability of the Nigeria Banking system.
“I call on the general public, especially traders and businessmen, to always ensure that their funds are saved in licensed banks and not kept in their homes or shops to avoid the risks of fire, then, and armed robbery,” the Managing Director, Hassan however stated.
Earlier, in his remarks, the President, Kano Chamber of Commerce, Industries, Mines, and Agriculture, KACCIMA, Alhaji Garba Imam, said KACCIMA’s door are always open to business and corporate bodies for partnership in a bid to contribute to the development of economy of the nation.
