The Nigeria Deposit Insurance Corporation (NDIC), has said that over N120.532 billion liquidation claims has been paid to 545,269 depositors, creditors and shareholders of failed financial institutions in the country.

The liquidity made as at June 30, covered claimants of Deposit Money Bank’s, DMB; Micro Finance Bank’s MFB’s and Pay Money Bank’s PMB’s.

Speaking at occasion marking the 2023 World Savings Day at Government Girls College, Dala, Kano, Mahadi Abdullahi, a departmental head at NDIC Kano, disclosed that the corporation settled substantial amount of liquidity of failed banks.

According to Abdullahi, N116.537 billion liquidation was paid to 444,010 claimants of Deposit Money Bank’s, N3.659 billion liquidity went to 94,419 claimants of Micro Finance Bank’s while N336.2 million liabilities paid to 1,833 claimants of Pay Money Bank’s.

Abdullahi said the corporation in collaboration with the Central Bank of Nigeria (CBN) and Federal Ministry of Finance have strengthened efforts to minimize risk in the nation’s banking sector.

Although he contended that NDIC can guarantee the heath worthiness of the country’s banking sector, he reminded that the corporation is formidable with failure restoration, banking supervision and instruments to reduce risk in the sector.

Abdullahi used the occasion to highlight the statutory mandate and operational activities of NDIC in the banking system, just as he clarified the common misrepresentation of the corporation with that of the Insurance company.

Representing the controller, NDIC Kano, Hajia Hajara Sule, emphasized on the significance of saving culture and the need imbibe financial discipline at a tender age.

Highlighting the theme of the 2023 World Savings Days “Conquer Your Tomorrow Through Savings”, Hajia Sule encouraged the participating students to inculcate the culture of savings to meet their future needs.

While advising the teenage female students to leverage on the theme of the 2023 World Savings Days to cultivate financial literacy and budgetary plans in all their dealings, Sule urged them to consider opening a bank account for themselves.

The Principal of Government Girls College, Dala, Hajia Rahmatu Muktar Tofa, lauded NDIC for chosen the College to educate the girls on financial literacy and saving culture on the occasion of the 2023 World Savings Days.