NDIC Liquidates 500 Deposit Money, Microfinance Banks

NDIC Liquidates 500 Deposit Money, Microfinance Banks

The Nigeria Deposit Insurance Corporation (NDIC) has said that it has liquidated at least 500 deposit money, microfinance, and primary mortgage banks.

According to PEOPLES GAZETTE, the banks liquidated are those banks whose licences were revoked by the Central Bank of Nigeria (CBN). Information Guide Nigeria

PEOPLES GAZETTE reports that this was disclosed by Galadima Gana, the Director, Insurance and Surveillance Department of Nigeria Deposit Insurance Corporation (NDIC) while settling the liquidation dividends of depositors of the banks.

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In a report filed by PEOPLES GAZETTE, Mr Gana said that the corporation had closed 325 MFBs, 50 PMBs, and 49 DMBs whose licences were revoked by the CBN with minimal effects on the stability and confidence in the banking sector. Jamb Result

In addition, the Managing Director of the NDIC, Bello Hassan stated, ”One of our mandates is also to liquidate licence deposit institutions whose deposit has been revoked by the CBN. So you have various categories that are currently in liquidation, the Deposit Money Banks (DMBs), Micro Finance Banks (MFBs), and Primary Mortgage Banks (PMBs).

“As liquidator, what we do immediately there is (a) revocation of licence is to pay the maximum insured amount.”

“ NDIC will proceed to recover the loans and advance granted by the liquidated institutions before revocation and also realise the assets left behind so that we can pay it to the depositors.

“We only pay the maximum insured amount at the point of liquidation then, subsequently, begin to pay depositors and after that, we wind up, but the payment is currently ongoing.“

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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