The Nigeria Deposit Insurance Corporation (NDIC) says it has paid an insured sum of over N1.7bn to over 22,000 bank customers, following the revocation of licenses of some Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs).
This was disclosed by the Managing Director/Chief Executive Officer, NDIC, Bello Hassan, at the 2023 NDIC Editors Forum in Lagos on Saturday.
Hassan said, “Recall earlier this year the Central Bank of Nigeria revoked the licenses of 183 institutions, comprising Microfinance Banks and Primary Mortgage Banks.
“And we quickly advertised and told affected depositors to get the required documents and come forward for verification so that we can pay them the insured amount.
“So, in terms of insured amount, we have paid more than N1.7bn to more than 22,000 customers and we are calling on those customers that had no Bank Verification Number attached to their accounts to come forward to get their claims verified so that we can pay them the insured amount.
“We are still on that. So, I’m using this opportunity to appeal to those depositors to come forward so that they can be verified and their claims paid.”
The NDIC boss said the deposit insurance system implemented by the corporation was an important component of the nation’s financial safety net.
He said the corporation’s operations focused on minimising banks’ risks and failures through strict banking supervision, reimbursement of insured depositors in the event of failure, and orderly liquidation of failed banks.
