“Full List”: NDIC Releases N1.7bn to Customers of 183 Failed MfBs, PMBs

• The Managing NDIC) has said it has disbursed about N1.7 billion to customers of Microfinance Banks and Primary Mortgage Banks
• Bello Hassan, the Managing Director and Chief Executive of NDIC the corporation paid the amount to 22,000 of the 183 MfBs and four PMBs
• He said that the NDIC is urging customers without BNVs to come forward for verification and payment

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The Nigeria Deposit Insurance Corporation (NDIC) said it has disbursed over N1.7 billion to customers affected by the license revocation of Microfinance Banks (MfBs) and the four Primary Mortgage Banks (PMBs).

The Managing Director of NDIC, Bello Hassan, disclosed this at the Editors Forum in Lagos, saying that the payments were made following the license revocation by the Central Bank of Nigeria earlier this year, which affected 183 Microfinance Banks and Primary Mortgage banks.

Hassan said the corporation quickly advertised and informed depositors to provide the necessary documents for verification so they could be paid.

He said the payment totaling about N1.7 billion was made to over 22,000 customers, urging depositors without a Bank Verification Number (BVN) attached to their accounts to come for verification and claim their insured sums.

Leadership reports that the NDIC boss stressed that insured deposits represent the initial claim paid to depositors by NDIC in case of a bank’s license revocation, with set limits of N200,000 and N500,000 per depositor per bank for MfB and PMB sub-sectors, respectively.

Hassan highlighted the importance of the Deposit Insurance System, saying NDIC’s role is to minimize bank risks and failures through strict banking supervision, reimbursement to depositors, and orderly liquidation of failed banks.

According to the NDIC boss, the corporation complements the efforts of the Central Bank of Nigeria (CBN) in maintaining a secure and stable banking system and supporting fiscal authorities in preserving stability within the broader financial system, which is essential for economic growth and development.

“Come Now”: NDIC Begins Customers’ Verification of Failed Bank 20 Years Ago, Gives Instructions

Legit.ng reported that the Nigeria Deposit Insurance Corporation (NDIC) has started verifying the insured depositors of Peak Merchant Bank in liquidation.

This is in line with its duty of deposit guarantee and reimbursement of depositors in case of bank failure.

Peak Merchant Bank Limited’s operating license was revoked on Friday, 28 February 2003.

Source: Legit.ng