The Management of the Nigeria Deposit Insurance Corporation (NDIC) said the Corporation has declared 100 percent liquidation dividends to depositors of Deposit Money Banks (DMBs).
Mr Bello Hassan, the Managing Director and Chief Executive of the Corporation disclosed this on Thursday at the special day of the corporation at the ongoing 43rd Kaduna International trade fair organized by the Kaduna Chambers of Commerce Industry, Mines and Agriculture (KADCCIMA).
Hassan who was represented by Bashir Nuhu, Director of Communications and Public Affairs said the Corporation had performed creditably well even in the face of daunting challenges, adding, “NDIC has realized enough to pay all depositors of the concerned 23 DMBs 100 percent of their money trapped in those banks.”
The MD noted that the theme of the fair: ‘’Consolidating Interface between Industry and Agriculture for Nigeria’s Sustainability Development’’ aligned with the Federal Government’s drive of developing the non-oil sector most especially Agriculture to create employment using the Agricultural value chain to empower citizens economically.
“The nexus in this for the NDIC is that when the Nation diversifies through the Agricultural sector and associated value chain, economic growth is stimulated and this invariably contributes to financial inclusion.
“It is imperative for me to say at this juncture that the NDIC has remained a consistent participant in the annual Kaduna International Trade Fair to sensitize the banking and general public about the existence of the deposit insurance system and the benefits of protection it offers them.
“This is fundamental to us because the populace confidence in the financial system can only be guaranteed when they are aware that their deposits are protected and that in the unlikely event of failure, there is an agency of government that would have their back” he stressed.
He further disclosed that the corporation provided deposit insurance cover to Microfinance Banks (MFBs), Deposit Money Banks (DMBs), Non-Interest Banks (NIBs), Primary Mortgage Banks (PMBs), subscribers of Mobile Money Operators (MMOs) and also to the recently licensed Payment Service Banks (PSBs).
“Presently each depositor of DMBs, NIBs, PMBs and subscribers of MMOs are insured up to the maximum limit of N500,000.00 per bank in the event of failure; while the maximum insured coverage for depositors of MFBs is N200,000.00 per bank.
He also mentioned that the guaranteed sums are first and immediate payment while liquidation dividends are second and prorated payments attached to the bank liquidation mandate of the Corporation.
“The Corporation has declared 100 percent liquidation dividends to depositors of 22 DMBs in-liquidation.
“What this means is that NDIC has realized enough to pay all depositors of the concerned 23 DMBs 100 percent of their money trapped in those banks.
“As a result, the Corporation has since moved on to commence payment of liquidation dividends to creditors and shareholders of some of the banks, indicating that their depositors can access their full payment whenever they file their claims” he stressed.
