NDIC invigorates failed banks’ liquidation activities, debt recovery rate – MD


NDIC invigorates failed banks’ liquidation activities, debt recovery rate – MD

Nov. 29, 2023

The Nigeria Deposit Insurance Corporation (NDIC) says it has invigorated its banks’ liquidation activities and increased debt recovery rate, leading to 100 per cent liquidation dividend payments to depositors.

The Managing Director of the Corporation, Mr Bello Hassan, said this at the 20th Edition of the NDIC-Financial Correspondent Association of Nigeria (FICAN) workshop in Owerri on Tuesday.

Hassan said the liquidation dividends had been paid to depositors of 20 deposit money banks in-liquidation.

The managing director said that the corporation had also improved its systems, processes and procedures to promote transparency and accountability since 2021.

He said that the corporation had being complementing the consumer protection efforts of the CBN, by enhancing public awareness on the benefits and limitations of the deposit insurance system and financial literacy.

Hassan said the efforts had helped to reduce the rate at which small depositors were defrauded, thereby enhancing confidence in the banking system.

Highlighting some awards and recognitions received by the corporation since his tenure, he said NDIC won the 2021 and 2023 Overall Best Public Institution among 360 Ministries Department and Agencies (MDAs).

The managing director said the awards were from the Independent Corrupt Practices and Other Related Offences Commission’s (ICPC) Ethics and Integrity Compliance Scorecard (EICS).

He said the corporation also took a first position in the 2021 Transparency and Integrity Index, a public sector assessment by the Center for Fiscal Transparency and Integrity Watch and platinum award in 2022 by the Bureau of Public Service Reform (BPSR).

“The corporation got the 2023 Best Performing Ministerial Servicom Unit (MSU) in for MDAs by the SERVICOM Office of the Presidency and 2022 Best Contributing Employer in Human Resources Development award by the Industrial Training Fund (ITF).

“The corporation has also reached an advanced stage in the review of the maximum deposit insurance coverage, to account for the impact of macroeconomic developments, since its last review.

“It is our belief that the new coverage level once approved will go a long way in reinforcing depositors’ confidence on the NDIC’s deposit guarantee scheme,” he said.

Bello said the awards were as a result of the irrevocable commitment of the
current management and staff of the corporation to bring about a paradigm shift in the discharge of the corporation’s mandate. (NAN)