NDIC Pays Over N113Bn To Insured, Uninsured Depositors Of Liquidated Banks

L-R: Ex-Deputy Governor of Lagos State, Otunba Femi Pedro, Deputy Governor, Dr Obafemi Hamzat; Lagos State Governor, Mr Babajide Sanwo-Olu; APC Vice Presidential candidate, Senator Kashim Shettima, APC National Youth leader, Mr Dayo Israel and former APC Presidential Aspirant, Engr Tein Jack Rich, during the unveiling of the APC/PCC fundraiser App for crowd funding, at the Civic Center, Victoria Island, Lagos, on Tuesday, November 29, 2022.

Prudence Eboagwu-Ijah

The Nigeria Deposit Insurance Corporation, NDIC, has confirmed the payment of over N113 billion to both insured and uninsured depositors of banks in-liquidation.

The Managing Director/Chief Executive of NDIC Bello Hassan, who confirmed the payment during his keynote address on Monday at the opening ceremony of the 19th edition workshop for Business Editors and Finance Correspondents Association of Nigeria FICAN, in Port Harcourt, Rivers State said as at June 2022, the NDIC had cumulatively paid ₦11.83 billion to over 443,949 insured depositors and over ₦101.37 billion to uninsured depositors of all categories of banks in-liquidation.

Hassan added that out of the 49 Deposit Money Banks, DMBs in-liquidation, the Corporation in September, 2022 declared 100 per cent liquidation dividend in 20 of those institutions, which means that that the Corporation has realized enough funds from their assets to fully pay all depositors of the listed banks.

He however attributed the landmark achievements by the Corporation to the active support of strategic stakeholders including the media. Hassan, said that the workshop has evolved into the flagship capacity building and engagement platform by the Corporation, not only with the media, but with the members of the civil society groups and the Association of Corporate Affairs Managers of Banks (ACAMB).
“This workshop has over the years, promoted better understanding of the Corporation’s roles in achieving financial system stability. It has also strengthened and broadened the media’s ability to interrogate and interpret topical issues in the financial services sector in general. In addition, the Corporation has been able to promote better understanding of its mandates and activities among members of the civil society organisations, thereby fostering collaboration in the area of enlightenment of the public on the benefits of the Deposit Insurance System (DIS).” he said.
Speaking on the global space, Hassan stated that the global banking landscape has continued to be redefined and challenged by technological disruptions, innovations and novelties which cannot be overemphasized.
According to him, this reality has not only put a demand on regulators and supervisors in the sector across the world to enhance surveillance, but it has also called for stronger collaborations, in order to deliver innovative services that are laced with constantly improved values to the banking public and the society at large.
He said that it is in line with the foregoing, that the Corporation has carefully chosen the theme of this year’s workshop as: “Boosting Depositors’ Confidence Amidst Emerging Issues and Challenges in the Banking System”.
“It is instructive to add that we have painstakingly selected highly seasoned facilitators from within the Corporation, the Central Bank of Nigeria (CBN) and the media to do justice to the various papers already scheduled for presentation at this workshop. ” he said.
The CEO, used the occasion to provide insight to certain steps initiated to invigorate its processes and procedures, towards a more effective discharge of its depositor protection mandate and some of our landmark achievements.
Hassan, who had promised to scale up the deposit insurance framework; the provision of timely support to insured institutions as and when required; to ensure faster and orderly resolutions of liquidated insured institutions; and to continue to assist the CBN in promoting the stability of the banking system, said the Corporation has embarked on series of strategic initiatives to achieve its desired vision.
Speaking on sustainability of scaling up the deposit insurance framework, and ensuring faster and orderly resolutions of liquidated insured institutions, he said in May this year, with the active participation of the relevant stakeholders, the NDIC successfully developed and deployed the Single Customer View (SCV) platform for the Microfinance and Primary Mortgage Banks in order to strengthen its processes and procedure for data collection.
NDIC’s MD said the platform, would not only ensure availability of quality, timely and complete data to the NDIC, but would eliminate delays often experienced in reimbursing depositors following revocation of institutions’ licenses by the CBN.
In the area of consumer protection, Hassan said the Corporation has strengthened its complaints resolution platforms, which include the Toll-Free Help Desk, social media handles and Complaints Desks in the Bank Examination,
He said that through better understanding of our programmes and policies, the media will not only be better informed in the coverage of its activities, but also be well-equipped to contribute to our advocacy and mobilization for a resilient financial system.


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