NDIC pays N11bn to over 500,000 depositors of liquidated banks

The Managing Director of Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has explained that the Corporation has paid a cumulative of N101.76 billion to over 535, 815 insured depositors of liquidated banks.

Hassan, who was represented by the Zonal Director, Shehu Usman, at the NDIC special day at the 42nd Kano International Trade Fair, said part of the organisation’s assignment was to protect depositors’ money.

He said a total sum of N101. 666 billion had been paid as liquidation dividends to 1, 955 creditors and shareholders of 18 liquidated banks.

“The Corporation declared full payment of insured and uninsured sums to depositors of 18 banks in liquidation. This implies that it has realised a liquidation dividend to pay all depositors of the banks who presented themselves for payment.

“Likewise, NDIC has continued to strive for a sound, safe and stable financial system, which is pivotal for sustainable economic growth by extending deposit insurance cover to microfinance banks,” he said.