NDIC Disburses N1.39bn To Depositors Of Failed Banks

The Nigeria Deposit Insurance Corporation (NDIC) has disbursed N1.39 billion to 36,163 depositors of 110 closed Microfinance Banks (MFBs) and three Primary Mortgage Banks (PMBs).

Mr. Bello Hassan, the Managing Director of NDIC, revealed this information during the NDIC Special Day at the 2023 Lagos International Trade Fair in Lagos.

Hassan mentioned that the corporation promptly initiated the liquidation of these banks and began distributing insured amounts to depositors within just three days of the banks’ closure.

This action was in response to the recent revocation of licenses for certain MFBs and PMBs by the Central Bank of Nigeria. He also noted that the disbursement of the legally insured sums is still in progress. Furthermore, Hassan clarified that depositors with funds exceeding the insured limit would receive liquidation dividends once debts are recovered and the closed banks’ physical assets are sold.

“In another development, the corporation is currently in the process of verifying and paying liquidation dividends to depositors and stakeholders of 20 banks in liquidation including 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,” he said.

Mr. Nuhu Bashir, Director of Corporate Communications at NDIC, representing Hassan, encouraged the public, particularly traders and entrepreneurs, to consistently safeguard their funds by depositing them in licensed banks. He cautioned against engaging with unregulated “wonder banks” and Ponzi schemes, which often lead to unfortunate outcomes for their participants.

Additionally, he emphasized that the corporation is diligently addressing and resolving any reported wrongdoing or complaints related to insured banks.

“The NDIC in its efforts to boost depositors’ confidence in the financial landscape has continued to address genuine cases of infractions and complaints in relation with their respective insured institutions.

“In this regard, the corporation operates a 24-hour toll-free Helpdesk line (080063424357) and an email ( for depositors to put forward their inquiries on the benefits and operations of Deposit Insurance Scheme in Nigeria,” he said.


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