NDIC paid N11.5b to creditors of failed banks in 2017, says MD

Nigeria Deposit Insurance Corporation (NDIC) paid N11.50 billion to depositors and other creditors of failed financial institutions in the country last year.

The Managing Director and Chief Executive, Umaru Ibrahim, stated this during the NDIC Special Day at the Abuja International Trade Fair with the theme ‘Enhancing SMEs in Agribusiness through Innovative Technology’, in partnership with the Abuja Chamber of Commerce and Industry (ACCI), yesterday.

Represented by the Director of Enterprise Risk Management, NDIC, Peter Hyelamzha, he said that the corporation had made a full and final liquidation of dividends to depositors of the defunct Eagle and Financial Merchant Banks (in-liquidation), which increased the number of banks for which a final dividend of 100 per cent had been declared to 16 in 2017.

He stated that the corporation, in collaboration with the Central Bank of Nigeria (CBN), conducted an on-site and off-site supervision of 25 Deposit Money Banks (DMBs) and one Non-Interest Bank (NIB).

The supervision, he said, was extended to 1,008 Micro-finance Banks (MfBs) and 38 Primary Mortgage Banks (PMBs) using the Risk-Based Supervision (RBS) approach and Consolidated Risk Based Examination (CRBE) of three banks with holding companies, in a bid to ensure financial system stability in the country.

He added: “The corporation continued to make strenuous efforts in its debt recovery drive, even in the face of all odds.

Total recoveries from debtors of failed banks by the NDIC in 2017 amounted to N368.43 million, which brought cumulative recovery from debtors to N28.84 billion.”

Meanwhile, President Muhammadu Buhari has appealed to accountants in the country to assist the government in the fight against corruption and related vices in Nigeria.

He made the appeal while addressing the 48th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria (ICAN), which opened yesterday in Abuja.

Represented by the Minister of National Planning and Budget, Senator Udo Udoma, the president underscored the need for the accountants’ collaboration in the fight.