Oct. 22, 2021

The Nigeria Deposit Insurance Corporation (NDIC) is currently settling the liquidation dividends of depositors of banks whose licenses were revoked by the Central Bank of Nigeria (CBN).

The Managing Director of the Corporation, Mr. Bello Hassan, said this in an interview on the sidelines of the 2021 Financial Correspondents Association of Nigeria (FICAN) workshop on Friday in Ibadan.

“One of our mandates is also to liquidate license deposit institutions whose deposit has been revoked by the CBN.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 revocation of license is to pay the maximum insured amount.

“After that, we proceeded to recover the loans and advances that were granted by those institutions before revocation and also realise the assets that are left behind so that we can pay it to the depositors.

“We only pay 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,’’ he said. (NAN)