The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that it has refunded over 526, 414 depositors of closed Deposit Money Banks and Micro Finance Banks since its inception 30 years ago. 

The Managing Director, NDIC, Alhaji Umaru Ibrahim, who was represented by Dr Sunday Oluyemi, the corporation’s Director, Communication and Public Affairs, announced that the organisation had also paid more than N70.53 million to 869 depositors of closed Primary Mortgage Banks. 

[READ MORE: 154 failed banks: NDIC commences payment to depositors]

According to hima cumulative sum of N8.25 billion and N2.97 billion was paid to the DMB and MFB depositors as insured amounts. 

NDIC settles over 500,000 failed banks, MFB depositors 

He added that 53 deposit banks, 325 microfinance banks and 51 primary mortgage banks had been liquidated without disruption to the nation’s payment system. 

Umaru said the corporation was providing deposit insurance cover to 27 deposit money banks, 918 microfinance banks, 34 primary mortgage banks and two non-interest banks. 

He said, “The corporation is identified with ensuring that depositors of liquidated banks suffered little loss or pain. NDIC in collaboration with the CBN has adopted multiple resolution options to resolve failures in the system. 

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“To date, a cumulative amount of over N28.112 billion was recovered from debtors of failed deposit banks, N129.10 billion for MFBs and N300 million from liquidated primary mortgage banks.’’ 

[READ ALSO: NDIC: 153 Micro-finance Banks’ licenses revoked in 2018]

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Umaru noted that the corporation had introduced the Deposit Insurance System courses in no fewer than 10 universities to foster awareness and enhance depositors and consumer protection. 

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