'It's our priority' - NDIC refunds customers of failed banks, full list emerges

The Nigeria Insurance Corporation (NDIC)said it has refunded depositors of the 179 failed microfinance and four mortgage banks across Nigeria.

The NIDC managing director, Bello Hassan, disclosed this at the NDIC Special Day during the 45th Kaduna International Trade Fair on Thursday, February 29, 2024.

NDIC introduces new scheme to trace accounts

Hassan, who was represented by the corporation's deputy director of Communication, Hauwa Gambo, said that the NDIC's priority was the protection of depositors' funds in distressed licensed banks.

The NDIC boss said that in carrying out its lawful functions, the corporation had introduced the Single Customer View scheme to expedite payment to depositors of liquidated banks.

He said: "Our priority at NDIC is the protection of Nigerian depositors. We are dedicated to safeguarding depositors' funds from the adverse effects of bank failure. The corporation has introduced the Single Customer View framework to expedite payment to depositors of closed banks.

"The corporation has enhanced collaboration with the judiciary for speedy prosecution of failed insured institutions. This concerted effort has resulted in resolving long-drawn cases of closed banks such as Fortune and Triumph Banks in liquidation.

He stated that the NDIC had been repaying the clients of the failed financial institutions promptly.

According to him, the corporation deployed digital remote payment methods to facilitate electronic transfers to verified depositors' alternate bank accounts.

Punch reports that Hassan said the NDIC launched the Deposit Tracer in collaboration with telcos, allowing depositors to access unpaid balances via mobile accounts.

NDIC lists failed microfinance banks

TheCable reports that Bello asked depositors of other banks in liquidation to utilise the various initiatives by the agency to claim their trapped funds.

In a previous report by Legit.ng, the NDIC listed 20 failed banks and asked depositors to claim their funds.

Depositors, creditors, and shareholders of 20 failed banks in Nigeria will get an additional N16.18 billion in liquidation dividends, the Nigeria Deposit Insurance Corporation (NDIC) said.

The latest payment will increase dividends paid to the depositors to N61,63 billion after making cumulative payments of liquidation dividends totalling N45,45 billion as of July 2023, representing amounts exceeding the insured sums to depositors of the 20 banks.

According to the NDIC Director of Communications and Public Affairs, Bashir Nuhu, the 20 failed banks were among the banks shut down previously due to the revocation of their operating licences by the Central Bank of Nigeria (CBN) between 1994 and 2018.