Nigeria: NDIC Confirms Liquidation of Depositors from 20 Failed Banks

The Nigeria Deposit Insurance Corporation (NDIC) has announced the successful liquidation of deposits belonging to customers of 20 failed banks, in line with its mandate to ensure the safety of bank deposits.

This announcement was made by NDIC Managing Director Bello Hassan during a special event at the Abuja International Trade Fair on Monday. Represented by Hauwa Gambo, Deputy Director of Corporate Communications, Hassan emphasized the corporation’s efforts to enhance collaboration with the judiciary to expedite the prosecution of failed banks, leading to the resolution of longstanding cases. As a result, 100% liquidation dividends have been declared for uninsured depositors of over 20 closed banks.

“Alternative Dispute Resolution mechanisms have also been employed to streamline our liquidation processes and improve debt recovery,” Hassan noted.

He urged depositors from any closed bank, particularly Heritage Bank, who have not yet received their payments, to present their Bank Verification Number (BVN), proof of account ownership, identification, and alternative account details to facilitate the process.

Discussing the trade fair’s theme, “Mobility: Options for Transport, Trade Finance, and Taxation,” Hassan highlighted the critical link between transportation, trade finance, and taxation in driving economic growth. He stated, “Trade finance and taxation policies are essential for supporting businesses, managing risks, and shaping our trade activities. By enhancing our transportation infrastructure and financial policies, Nigeria can strengthen its position in the global market.”