NDIC pays over N1.7bn to customers of closed banks

Nigeria Deposit Insurance Corporation (NDIC) says it has paid insured sum of over N1.7 billion to customers, following the revocation of licenses of Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs).

Mr Bello Hassan, Managing Director/Chief Executive Officer, NDIC, said this at the 2023 NDIC Editors Forum, on Saturday in Lagos.

Hassan said, “recall earlier this year the Central Bank of Nigeria revoked the licenses of 183 institutions comprising Microfinance Banks and Primary Mortgage Banks.

“And we quickly advertised and told affected depositors to get the required documents and come forward for verification so that we can pay them the insured amount.

“So, in terms of insured amount, we have paid more than 1.7 billion to more than 22,000 customers and we are calling on those customers that had no Bank Verification Number attached to their accounts to come forward to get their claims verified so that we can pay them the insured amount.

We are still on that. So, I’m using this opportunity to appeal to those depositors to come forward so that they can be verified and their claims paid.”

The insured deposit is the first claim that NDIC pays to depositors upon revocation of a bank’s licence by the CBN.

The maximum specified limits for the MFB and PMB sub-sectors are N200,000 and N500,000 per depositor per bank, respectively