Kano, Nov.2, 2023: The Nigerian Deposit Insurance Corporation (NDIC) said it has paid off N 16 billion depositors and shareholders liquidation dividend for all banks that failed about 20 years ago.
Hajara Sule Imam, a Principal Manager with the NDIC Zonal office in Kano disclosed this at this year’s World Savings Day.
Imam that the NDIC had earmarked over N16 billion for the exercise and most of the depositors and shareholders are finally paid.
She explained further that some of the microfinance banks with insured deposits that were closed down recently have been paid and the process is still on.
“Recently, NDIC has earmarked about N16 billion to pay most of the depositors and even shareholders liquidation dividend for all the banks that failed about 20 years back. We are finally paying most of them now.
“The microfinance banks that were close recently some of them that are insured have been paid. You know is a process and is ongoing” she explained.
Speaking on the issue of unclaimed deposits, she explained that dealing with the banks that were closed down 20 years ago is a difficult task due to lack of proper information.
Sha said it is unlike the current system where all information about depositors could be reached through the Bank Verification Numbers (BVN).
However, the basic information is used and advertised to the public to come up and claim their payments adding that they have achieved 90 percent success so far.
This year’s event with the theme “Conquer the World Through Savings” was hosted at Government Girls College Dala, Kano with the intention of inducing financial discipline and planning in the younger generation.