Abuja, Sept. 30, 2024 (NAN) — The Nigeria Deposit Insurance Corporation (NDIC) has fortified its collaboration with the judiciary to expedite the prosecution of cases involving failed financial institutions, leading to the disbursement of 100% liquidation dividends on N2 trillion worth of uninsured deposits across over 20 closed banks. This was disclosed by Mr. Bello Hassan, the NDIC Managing Director, at the 19th Abuja International Trade Fair.
Thank you for reading this post, don't forget to subscribe!Represented by Hajia Hauwa Gambo, the Deputy Director of Corporate by Communications and Public Affairs, Hassan stated that the partnership with the judiciary had successfully resolved long-standing cases, enabling the corporation to declare full liquidation dividends. This achievement highlights the NDIC’s commitment to ensuring that depositors of closed banks recover their funds.
Additionally, Hassan noted that 84.98% of depositors affected by the closure of Heritage Bank have already received their payments, thanks to the use of Bank Verification Numbers (BVN) as unique identifiers. The NDIC’s innovative approach allows for swift and direct crediting of insured amounts, with up to five million naira per depositor.
The corporation is also employing alternative dispute resolution mechanisms to improve debt recovery and streamline liquidation activities. Hassan urged depositors of closed banks to submit their BVNs and other required documents through the NDIC’s website, email, and social media platforms.
Chief Emeka Obegolu, President of the Abuja Chamber of Commerce and Industry, praised the NDIC’s role in safeguarding depositors and ensuring the stability of Nigeria’s banking sector. Represented by Mr. Agaba-Idu Jideani, the chamber’s Director-General, Obegolu emphasized the importance of a robust financial system for economic growth and seamless trade.
The theme of the 2024 Abuja International Trade Fair is “Mobility Options for Transportation, Trade Finance, and Taxation.”
