Nigeria: NDIC declares 100% liquidation dividends to 22 DMB’s in-liquidation

The Nigeria Deposit Insurance Corporation (NDIC) has declared 100 percent liquidation dividends to depositors of 22 Depositors Money Banks (DMs) in-liquidation.

The Corporation said what that meant was that NDIC has realized enough to pay all depositors of the concerned DMBs 100 percent of their money trapped in those banks.

“As a result, the Corporation has since moved on to commence payment of liquidation dividends to creditors and shareholders of some of the banks, indicating that their depositors can access their full payment whenever they file their claims,” NDIC said.

Speaking at the NDIC special day during the ongoing 34th Kaduna International Trade Fair, Managing Director and Chief Executive Officer of the NDIC, Bello Hassan who was represented by the Corporation’s Director, Communication and Public Affairs, Bashir Nuhu, the NDIC MD said the theme of the fair, ‘’Consolidating Interface between Industry and Agriculture for Nigeria’s Sustainability Development’’ aligned with the Federal Government’s drive of developing the non-oil sector most especially Agriculture to create employment using the Agricultural value chain to empower citizens economically.”

“The nexus in this for the NDIC is that when the nation diversifies through the agricultural sector and associated value chain, economic growth is stimulated and this invariably contributes to financial inclusion. It is imperative for me to say at this juncture that the NDIC has remained a consistent participant in the annual Kaduna International Trade Fair to sensitise the banking and general public about the existence of the deposit insurance system and the benefits of protection it offers them.”

“This is fundamental to us because the populace confidence in the financial system can only be guaranteed when they are aware that their deposits are protected and that in the unlikely event of failure, there is an agency of government that would have their back.”

“Presently each depositor of DMBs, NIBs, PMBs, and subscribers of MMOs are insured up to the maximum limit of N500,000.00 per bank in the event of failure; while the maximum insured coverage for depositors of MFBs is N200,000.00 per bank,” he said.