NDIC pledges speedy payment of claims to Depositors of Closed MFBs & PMDs


    Following the revocation of licenses of 179 Microfinance Banks, MFBs, and four
    Primary Mortgage Banks, PMBs, by the Central Bank of Nigeria, CBN, the
    Nigeria Deposit Insurance Corporation, NDIC, has assured depositors of the
    closed banks speedy payment of their insured sums.

    The Managing Director/Chief Executive, NDIC, Bello Hassan gave this
    assurance in a statement which followed the revocation of the licenses of the
    affected MFBs and PMBs by the Governor of the CBN, Godwin Emefiele recently.

    As deposit insurer, Hassan said, the NDIC would begin the process of payment
    of the insured sums immediately with the verification of eligible depositors at the
    respective premises of the closed banks. He enjoined such depositors to get
    the required documents for the exercise such as proof of account ownership,
    verifiable means of identification and alternate bank account to facilitate their
    seamless verification and payment of their insured deposits.

    This was made known in a statement signed by the Director, Communication& Public Affairs Department, NDIC, Bashir Nuhu, which was made available to Energy Frontier.

    The NDIC Boss stated that the insured deposit is the first claim that the Corporation pays to depositors upon revocation of bank’s license by the CBN, adding that the maximum specified limits for the MFB and PMB sub-sectors are N200,000.00 and N500,000.00 per depositor per bank, respectively.

    As liquidator, the MD/CE disclosed that the Corporation has also put machinery
    in motion to commence sales of assets of the defunct banks as well as recover
    debts owed to them in order to declare liquidation dividends on pro rata basis to
    the affected depositors with claims exceeding the maximum insured sums of
    N200, 000.00 for MFBs and N500, 000.00 for PMBs.

    He assured that regulatory authorities are leaving no stone unturned to ensure
    that the soundness of the banking system is not compromised, stressing that
    there is no need for the public to panic over the safety of their bank deposits.




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