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Non- consolidated Banks ex-staffers flay NDIC over unpaid terminal benefits


Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation, Umaru Ibrahim

The Association of former staff of Non-Consolidated Banks of Nigeria has berated the Nigerian Deposit Insurance Corporation (NDIC) for non-payment of terminal benefits of its members.  

The President of the association, Mr Godwin Onwusogh expressed worry about the delay. 

Lead Counsel of the association, Mr Emerson Azubuike said that the 14,000 former staff of the 10 non-consolidated banks whose terminal benefits amounted to N9billion were still awaiting their terminal benefits from NDIC.


The 10 banks are: Hallmark, All States, Assurance, Apex, Metropolitan, Eagle, Gulf, Lead, Trade and Liberty.

Azubuike told The Guardian in Umuahia, Abia state capital, that his law firm had between 2008 and 2012 written 104 letters to the Central Bank, NDIC, Presidency, various parastatals and individuals including the Vice President Prof Yemi Osinbajo.

He said that in one of his letters to the Vice President, he (Azubuike) urged that EFFC should investigate the activities of NDIC with regard to finding the cause of the delay in paying his clients their overdue terminal benefits.

He added that in one of his letters dated 9th February, 2018 to the NDIC Managing Director (MD) he (Azubuike) called for immediate auditing of his (MD) activities in the management of the assets of these defunct banks with a view to knowing their cash reserve when he took over and the total amount realized from the selling of their assets.

According to the Lawyer, NDIC in its letter dated 29 February, 2016 which was signed by Z.M.B Umar for Ag Board Sec/Director, Legal Department, informed him that “ the terminal benefits for of ex-staff of the defunct Hallmark Bank Plc. have been approved by the Corporation as indicated in its letter to the Hon Chief Commissioner, Public Complaints Commission. 

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