By Olaleye Aanuoluwapo, Abuja
Nigeria Deposit Insurance Corporation (NDIC) announced yesterday payment of N11.76billion to 535, 815 deposit customers of closed banks.
The Managing director of the Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan has on Tuesday disclosed at the 16th Abuja trade Fair that the corporation has paid a sum of N11.76bn to about 535,815 depositors of closed banks.
NDIC was established in 1989 as a statutory agency of government with four broad mandates of Deposit Guarantee, Bank Supervision, Distress Resolution and Bank Liquidation.
Over the years, the NDIC has achieved giant strides in living up to its mandate and public policy objectives of contributing to financial system stability by making the incidences of bank-runs less likely, while also protecting depositors by providing an orderly means of resolution and compensation in the event of bank failures.
Hassan in his speech, explained that “NDIC, as a critical component of the financial safety net, took a frontline position in the protection of depositors from the loss of their hard earned savings as a result of the effect of the COVID-19 Pandemic on the banking system, in collaboration with the Central Bank of Nigeria (CBN).
“It is worthy to say that as a first step, and in-line with it’s Corporate Social Responsibility Policy, the NDIC Board approved the donation of N1billion as contribution to the Coalition Against COVID-19 (CA-COVID) initiative coordinated by the CBN.
“As a deliberate policy, the NDIC has been participating in major trade fairs across stakeholders and the general public to address their concerns and enquiries. Participants at the fair have the opportunity to ask burning questions, register their complaints and also receive publications and literature on the Corporation’s activities.”
“Most importantly, depositors of banks in-liquidation whose funds are still trapped in any of the closed banks have the opportunity of filing their claims at the Corporation’s pavilion. I therefore urge our distinguished guests and visitors to visit the Corporation’s pavilion to interact with our staff to learn more about how your money is protected by the NDIC,” Hassan reiterated.