Home Insurance NDIC pays N11.50bn liquidation dividends to depositors, others

NDIC pays N11.50bn liquidation dividends to depositors, others

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The Nigeria Deposit Insurance Corporation (NDIC) has paid N11.50bn to depositors, creditors, shareholders and other stakeholders of failed banks as at 2017.

The Managing Director/CEO of NDIC,  Alhaji Umaru Ibrahim, disclosed this yesterday at the NDIC Special Day at the 13th Abuja International Trade Fair holding in Abuja.

Represented by Mr. Peter Nggada, Director, Enterprise Risk Management, NDIC, the MD/CEO also said the corporation had declared 100 percent and final liquidation dividends to depositors of the defunct Eagle and Financial Merchant Banks (in liquidation).

“Due to the rapid improvement in its processes and procedures, the NDIC recorded a quantum leap in the payment of insured sums and liquidation dividends to depositors and other claimants of closed banks in 2017.

“On the aggregate, the NDIC paid the sum of N11.50 billion to depositors, creditors, shareholders and other stakeholders of closed financial institutions as at December 31, 2017,” he said.

“That means the depositors of the 16 DMBs in-liquidation have been fully paid all the deposit balances they had in their accounts in those banks at the time of closure,” he added.

He said NDIC continued to make strenuous efforts in its debt recovery drive in the face of all odds.

Thus, the “total recoveries from debtors of failed banks by the NDIC in 2017 amounted to N368.43 million which brought cumulative recovery from debtors to N28.84bn.”

Similarly, he said “the sum of N207.45 million was realised from the disposal of physical assets of closed banks. Thus, the cumulative sum of N21.85 billion was realised from the disposal of physical assets of closed banks as at 31st December, 2017. The funds realized were used to pay liquidation dividends to the uninsured depositors of closed banks.”

In the area of bank supervision, the NDIC boss said the “Corporation, in collaboration with the CBN, conducted on-site and off-site supervisions of 25 DMBs, one Non-Interest bank, 1,008 MFBs and 38 PMBs using the Risk Based Supervision (RBS) approach and Consolidated Risk Based Examination of three banks with holding companies in a bid to ensure financial system stability in the country.”

SOURCE: DAILY TRUST

 

 

 

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