The Nigeria Deposit Insurance Corporation (NDIC) has said it made remittances worth about ₦120,262,406 billion being settlement to depositors, creditors and shareholders of failed banks as at June 30, 2023.
This was disclosed by an official of the corporation, Tanko Ibrahim, during a financial literacy class organised for students of Government Secondary School, Tundun Wada in the Federal Capital Territory, Abuja with the theme: “Conquer your tomorrow through savings’.
According to Ibrahim, ₦8.269 billion was paid as settlement to 444,010 insured depositors of Deposit Money Banks (DMBs) while uninsured depositors got ₦102,092 billion.
He further said about 1,027 creditors were paid ₦1.281 billion while 980 shareholders got ₦4.895 billion as settlement.
97,419 insured depositors in the Microfinance Banks (MFBs) got ₦3.639 billion, while the uninsured got a settlement of ₦20.206 million.
Recall the Managing Director/ Chief Executive of NDIC, Bello Hassan, had earlier assured customers of deposit money banks of the safety of their investments in Nigerian banks.
Hassan had made this known earlier this year during the NDIC Special Day at the ongoing 44th Kaduna International Trade Fair with the theme “Promoting Value Addition for Sustainable Growth and Development”.
The NDIC chief noted that deposit money banks, primary mortgage banks, the payment service banks and mobile money operators were all insured up to ₦500,000 per depositor per bank, while those of microfinance banks were insured up to ₦200,000 per depositor per bank.
1,833 Insured depositors in Primary Mortgage Banks (PMBs) got ₦124.764 million while uninsured ones got ₦211.436 million.
Speaking further, Tanko explained that if a bank still fails after the resolutions, NDIC will proceed with the liquidation.
“Liquidation commences after the revocation of operating license by the CBN. It involves: revocation of operating license;orderly closure; settlement of claims – depositors (priority), creditors and shareholders where possible; and cost effective realisation of assets”, he added.
