News

Succour As NDIC Pays Over N1.7bn To Customers Of Closed Banks

Published

5 months ago

December 16, 2023

Editor

Nigeria Deposit Insurance Corporation (NDIC) says it has paid insured sum of over N1.7 billion to customers, following the revocation of licenses of Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs).

Mr Bello Hassan, Managing Director/Chief Executive Officer, NDIC, said this at the 2023 NDIC Editors Forum, on Saturday in Lagos.

The News Agency of Nigeria (NAN) reports that the meeting had the theme, “Stocktaking of Deposit Insurance Practice: Assessing the Past, Evaluating the Present and Forecasting the Future.”

Hassan said, “recall earlier this year the Central Bank of Nigeria revoked the licenses of 183 institutions comprising Microfinance Banks and Primary Mortgage Banks.

“And we quickly advertised and told affected depositors to get the required documents and come forward for verification so that we can pay them the insured amount.

“So, in terms of insured amount, we have paid more than 1.7 billion to more than 22,000 customers and we are calling on those customers that had no Bank Verification Number attached to their accounts to come forward to get their claims verified so that we can pay them the insured amount.

“We are still on that. So, I’m using this opportunity to appeal to those depositors to come forward so that they can be verified and their claims paid.”

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

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

The NDIC boss said the Deposit Insurance System implemented by the corporation was an important component of the nation’s financial safety net.

He said the corporation’s operations focused on minimising banks’ risks and failures through strict banking supervision, reimbursement of insured depositors in the event of failure, and orderly liquidation of failed banks.

“It complements the efforts of the Central Bank of Nigeria to achieve a secure and stable banking system as well as support the fiscal authority in maintaining stability within the broader financial system, serving as the foundation for economic growth and development,” he said.

Hassan also said the corporation, like other financial safety net players in Nigeria, had been faced with similar challenges that had impacted the nation’s financial system.

These challenges, he said, were caused by two main factors: macroeconomic factors and the changing dimensions of the financial services industry.

“Though some of the challenges are universal, others are unique and domesticated.

“It is within this context that the NDIC aligns itself with the Central Bank of Nigeria’s efforts towards strengthening the banking industry through enhancing prudential thresholds and other regulatory instruments,” Hassan said.
(NAN)

News

Aid Reveals What Peter Obi Discussed With Atiku, Saraki, Lamido During Visits

Published

33 mins ago

May 13, 2024

Editor

The reason behind the visit of 2023 presidential flagbearer of the Labour Party, LP, Peter Obi to top political figures such Atiku Abubakar, Bukola Saraki and Sule Lamido has been revealed.

Obi’s spokesperson, Dr Yunusa Tanko, said the visit was in line with the former Anambra governor’s commitment to the peace and progress of the nation.

DAILY POST reported that Obi in Abuja on Monday visited some top political figures, including former Vice President, and PDP presidential candidate in the 2023 election, Atiku Abubakar, former Senate President Bukola Saraki and the former Governor of Jigawa State, Alhaji Sule Lamido.

“At the center of discussion during each of these visits was the state of the nation and how to reduce the suffering of all Nigerians irrespective of class and location,” Tanko said in the statement.

“In particular, the desperate condition of the downtrodden in our midst was highlighted.

“Of particular interest and emphasis in these discussions was the worrisome situation in the Northern parts of the country.”

News

Gov Fubara Vows To Probe Wike

Published

41 mins ago

May 13, 2024

Editor

Rivers State Governor Siminalayi Fubara on Monday announced a plan by his administration to set up a panel to probe previous governments including the immediate past administration of Nyesom Wike.

Governor Fubara who has been in a face-off with Wike, the Minister of the Federal Capital Territory, FCT, disclosed the plan after swearing in Dagogo Iboroma as the Attorney General of the state.

The governor expressed pessimism that the lingering political crisis currently rocking the state cannot be resolved anytime soon.

Apparently referring to Wike, the governor accused his opponents of deliberately sabotaging his administration while he was hopeful that the issue in the state would be resolved amicably.

Governor Fubara vowed to make tough decisions moving forward no matter how they would be perceived by the public.

Fubara also responded to recent comments by former Attorney General Zacchaeus Adangor, SAN, and his counterpart in the Ministry of Works Alabo George-Kelly.

According to the governor, the former attorney general alongside other critics of his administration have been sabotaging the progress of his government by filing nolle prosequi against the interest of the state.