The Nigeria Deposit Insurance Corporation (NDIC) has said it would soon pay N1.6 billion to creditors and depositors of the 20 liquidated commercial banks.

Managing Director/Chief Executive of NDIC, Hassan Bello who said plans have been concluded to pay them as quickly as possible, stated that so far, refunds of N1.2 billion deposits to some of the 189 Microfinance Banks (MFBs) and the four Primary Mortgage Institutions (PMIs) recently liquidated by the Central Bank of Nigeria (CBN) have been paid.

Speaking in an interview at the weekend during the 2023 sensitisation seminar organised by the NDIC for Federal High Court Judges in Uyo, Bello said it has been able to pay insured depositors within seven days, though the Act setting up the corporation provides that payment should be made within 30 days.

“So far, we have about N1.2 billion insured deposits to the depositors in the Microfinance Banks and Primary Mortgage Institutions (PMI).

“We are still paying but why we have not completed payment is that there are some customers that we do not have records of their BVN to identify their alternate bank accounts in other banks.

“We have realized N1.6 billion to pay creditors and depositors of the 20 commercial banks liquidated, even as plans have been concluded to pay them as quickly as possible,” he stated.

The MD called on depositors to come forward with information that would help in the payment of the insured depositors.

While addressing the trainees, Bello said that the judiciary plays a critical role in resolving disputes that evolve from the revocation of a banking license through liquidation and termination of liquidation activities.

“Currently the maximum claim for depositors of Deposit Money Banks, (DMBs) Primary Mortgage Banks(PMBs) Payment Service Banks(PSBs) and subscribers of Mobile Money Operators (MMOs) is N500,000 per depositor, per deposit-taking institution, while Micro-Finance Banks(MFB) have a maximum coverage limit of N200, 000 per depositor, per MFB,” he said. (Courtesy, excluding headline, Daily Trust)

Update news