From Mustapha Adamu, Kano
The Nigeria Deposit Insurance Corporation, NDIC, has revealed that following the 10o parent liquidation of twenty closed banks, depositors are yet to claim their money, amounting to N16.18 billion.
Managing Director and Chief Executive of the NDIC, Bello Hassan, stated this at the NDIC Day at the Kano 44th International Trade Fair, held in Kano on Thursday.
According to Hassan, depositors of twenty closed banks should come forward for verification and payment of their deposits that are in excess of the guaranteed sums, otherwise called “liquidation dividends.”
He said the liquidated banks include The closed banks covered by this exercise include Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), Premier Commercial Bank, North South Bank, and Prime Merchant Bank.
Others are Commercial Trust Bank, Cooperative and Commerce Bank, Rims Merchant Barik, Pan African Bank, Fortune Bank, All States Trust Bank, Nigeria Merchant Bank, and Amicable Bank in-liquidation.
Represented by Hajiya Rakiya Imam, an official of the NDIC, the Corporation urged relevant stakeholders to visit any NDIC office or access the claims page on its website, www.ndic.gov.ng, to download, complete, and submit the verification form along with the prescribed supporting documents.
She added that submissions should be sent to the dedicated email: [email protected].
Mrs Imam further stated that recently, following the revocation of licenses for 179 Microfinance Banks (MFBs) and 4 Primary Mortgage Banks (PMBS) by the Central Bank of Nigena (CBN), the NDIC immediately commenced liquidation of the banks and began disbursing insured sums to depositors within just 7 days of the closure of these banks.
“ It’s Important to note that out of these, the NDIC has paid One Point Five Nine Five Billion Naira (N1.595 billion) to Forty-One Thousand and Thirty-Four (41,034) depositors of 129 MFBs and 3 PMBS, Payments are still ongoing and depositors with funds exceeding the insured limit will receive liquidation dividends after recovery of debts and sale of physical assets of the closed banks.
“Ladies and gentlemen, it is imperative to note that in the unfortunate event of bank failure, the current insurance coverage for depositors varies across different banking institutions.
“ While depositors of Deposit Money Banks (DMBs), Primary Mortgage Banks (PMBs), Non-Interes: Banks (NIBs), Payment Service Banks (PSBS), and subscribers of Mobile Money Operators (MMOs) are insured up to a maximum limit of N500,000 per depositor per bank, for depositors of Microfinance Banks (MFBs), the maximum insurance limit stands at N200,000 per depositor per bank.
“These Insured limits undergo periodic reviews by the Board of the Corporation, ensuring comprehensive coverage for the majority of depositors. Furthermore, depositors holding balances exceeding the insured sums receive regular payments of the excess in the form of liquidation dividends, that also extends to the benefit of creditors and shareholders of the respective banks,” she said.