NDIC Distributes N16 Billion in Liquidation Dividends to Depositors and Creditors

The Nigerian Deposit Insurance Corporation (NDIC) has disclosed that it paid approximately N16 billion in liquidation dividends to depositors, creditors, and shareholders of banks that went into liquidation over the past 20 years.

This information was shared by Hajara Imam, the Principal Manager of the NDIC’s Kano Zonal Office, during the 2023 World Savings Day.

Imam mentioned that the NDIC set aside the funds for this purpose and has made significant progress in compensating most of the depositors and shareholders.

Additionally, some recently closed microfinance banks with insured deposits are in the process of being paid. She emphasised that while it is an ongoing process, it has reached an advanced stage.

Addressing the issue of unclaimed deposits, Imam explained that dealing with banks that closed down 20 years ago was a challenging task due to a lack of comprehensive information.

However, in the current system, the Bank Verification Numbers (BVN) provide a more efficient means of accessing depositors’ details.

The NDIC has used basic information and advertising to reach out to the public to claim their payments. This initiative has achieved a success rate of around 90%.

The World Savings Day event, held under the theme “Conquer the World Through Savings,” took place at the Government Girls College Dala in Kano. The event’s aim was to instil financial discipline and planning in younger individuals.

Source: Daily Nigerian