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HomeNewsNDIC Commence Moves To Refund Depositors By Selling Closed Banks’ Assets

NDIC Commence Moves To Refund Depositors By Selling Closed Banks’ Assets

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Following the revocation of licences of some Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) by the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of the closed banks’ speedy payment of their insured sums.

This was disclosed in a statement by Bello Hassan, Managing Director/Chief Executive Officer, NDIC, following the revocation of the licences of the affected MFBs and PMBs by Godwin Emefiele, CBN governor.

The statement was issued on his behalf by Bashir Nuhu, Director, Communication & Public Affairs Department of NDIC.

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Hassan disclosed that as a deposit insurer, the NDIC would begin the process of payment of the insured sums immediately with the verification of eligible depositors at the respective premises of the closed banks.

He encouraged such depositors to get the required documents for the exercise such as proof of account ownership, verifiable means of identification and alternate bank account to facilitate their seamless verification and payment of their insured deposits.

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

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

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As liquidator, the managing director disclosed that the corporation has also put machinery in motion to commence sales of assets of the defunct banks.

He said the NDIC will also recover debts owed to them in order to declare liquidation dividends on pro rata basis to the affected depositors with claims exceeding the maximum insured sums of N200,000 for MFBs and N500,000 for PMBs.

Hassan assured that regulatory authorities will leave no stone unturned to ensure that the soundness of the banking system was not compromised, adding that there was no need for the public to panic over the safety of their bank deposits.

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