Nigeria Deposit Insurance pays liquidated banks depositors

nigerian nairaThe Nigeria Deposit Insurance Corporation (NDIC) has said that all depositors of previously liquidated 18 Deposit Money Banks (insured and uninsured), whose funds were trapped in such banks have been fully paid

Umar Ibrahim, managing director, said, “To date, the NDIC has fully paid all the depositors of 18 closed deposit money banks all their monies (insured and uninsured) that were trapped in such banks. Creditors and shareholders of the closed banks had also been paid liquidation dividends to the tune of US$14mn as on 31 December 2019.”

The NDIC is an independent agency of the Nigerian Government set up to protect depositors and guarantee the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, thereby helping to maintain financial system stability.

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