NDIC has paid 100% depositors funds of 49 failed banks
By Matthew Denis
In a bid to enhance banking culture in the country, the Nigeria Deposit Insurance Corporation (NDIC) has paid 100 percent of depositors funds of 49 failed banks in country.
This was disclosed by the Managing Director of NDIC, Mr. Bello Hassan during the 2022 NewsDirect 12th Anniversary Lectures and Award ceremony held in Lagos on Friday.
The MD who was represented by the Corporation Assistant Director Media Relations of Communication and Public Affairs Department, Mrs. Hawwau Gambo said, “Our mandate has to do with banking supervision by guaranting the deposits to a particular limit in the event of bank failure, failure resolution and banks liquidation.
“Over the years, NDIC has successfully implemented a lot of failure resolutions in the interest of the depositors primarily to ensure continuity in the banking system.
“We have intervened several times through a breach failure resolution option in collaboration with the Central Bank of Nigeria (CBN) to clear the depositors funds.”
The Assistant Director revealed that they have intervened in cases of some banks like the Skye bank merging with Polaris bank, Afribank to Mainstream bank among others.
She said, “We are proud to say that at present that NDIC has paid 100 per cent of depositors funds of 49 failed banks and this even goes beyond the depositors up to the shareholders.”
According to her, NDIC is unique in terms of banking supervision mandate as a risk minimiser considering the fact that they monitor banks operations then advise, support and penalise them when necessary.
She stressed that the Corporation in 2023 is focusing on the aspect of rendering technical assistances to the Banking Sector, greater engagement with stakeholders not just regulators but also financial services Industry.
Mrs. Gambo, acknowledging the Award, stressed that they are highly honoured at the event and assured NewsDirect management of effective collaboration.
She said, “We are highly honoured to be recognised here at the NewsDirect anniversary and wish to convey our Managing Director congratulations and recognition of the paper as an effective Media platform that has been partnering with us to promote the benefits of deposit insurance, because the public have the right to know that their deposits are protected and have confidence in the banking system.”
