NDIC Pays N1bn To Depositors Of Failed PMBs, MfBs

According to the Nigeria Deposit Insurance Corporation (NDIC), they distributed approximately N1.084 billion to 29,573 depositors from more than 179 Microfinance Banks (MfBs) and four Primary Mortgage Banks (PMBs) after the Central Bank of Nigeria (CBN) revoked their licenses by September 22, 2023.

Mr. Bello Hassan, the Managing Director/Chief Executive of NDIC, made this announcement during the NDIC’s special day at the 18th Abuja International Trade Fair, which took place yesterday.

He stated: “Recently, following the revocation of licenses for 179 MfBs and four PMBs by CBN, the NDIC immediately commenced liquidation of the banks and began disbursing insured sums to depositors within just 7 days of the closure of these banks.

“It’s important to note that as at 22nd September 2023, the corporation had paid a cumulative insured sum of N1.084 billion naira to 29,573 depositors of the closed MFBs/MPBs.  

“It is however instructive to let you know that payments are still ongoing and depositors with funds exceeding the insured limit will receive liquidation dividends after recovery of debts and sale of physical assets of the closed banks.

“Currently, the corporation is in the process of verifying and paying liquidation dividends to depositors and stakeholders of 20 closed banks.”

The banks impacted by this action included Allied Bank, Peak Merchant Bank, Commerce Bank, Continental Merchant Bank, Financial Merchant Bank, Fortune Bank, Gulf Bank, Hallmark Bank, Icon Merchant Bank, Liberty Bank, Nigeria Merchant Bank, North South Bank, Premier Commercial Bank, Prime Merchant Bank, Progress Bank, and Merchant Bank.

The NDIC encouraged eligible individuals to visit its website for additional details and to access verification forms.

The NDIC’s leader also issued a caution to Nigerians, advising them to avoid engaging with banks that lack legitimate licenses from the Central Bank of Nigeria (CBN) or are not covered by the NDIC deposit insurance scheme.


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