JUST IN: NDIC Pays N101 Billion To Depositors Of Failed Banks
The Nigeria Deposit Insurance Corporation (NDIC) says it has paid the sum of N101.67 billion to depositors of failed banks. Information Guide Nigeria
This was disclosed by the Managing Director/Chief Executive Bello Hassan at the 16th international trade expo in Abuja.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaAccording to VOICE OF NIGERIA, Bello Hassan revealed that the Corporation has paid a cumulative amount of N11.76 billion as insured sums to 535, 815 depositors. Jamb Results
VOICE OF NIGERIA reports that the NDIC Act 2006 states that when insured financial institutions fail, depositors of Deposit Money Banks (DMBs), Non-Interest Banks (NIBs), Primary Mortgage Banks (PMBs) and subscribers of Mobile Money Operators (MMOs) are reimbursed up to a maximum limit of N500,000.00, while the maximum insured coverage for depositors of Microfinance Bank (MFBs) is N200,000.00.
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Also, a total of N6.16 billion has been paid as liquidation dividend to 1,955 creditors and shareholders of closed banks.
According to VOICE OF NIGERIA, the NDIC earlier announced that it will begin the payment of liquidation dividends to uninsured depositors, shareholders, and creditors of additional 14 banks in liquidation.
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