The Nigerian Deposit Insurance Corporation (NDIC), has announced that it successfully recovered a cumulative sum of N28.84 billion from debtors in the financial sector in favor of bank depositors in 2017.
During a special presentation at the 13th Abuja International Trade Fair, Managing Director, NDIC, Umaru Ibrahim, while speaking on some of the achievements of the Corporation in tandem with its mandate of protecting bank depositors, revealed that the total recoveries from debtors of failed banks by the NDIC in 2017 amounted to N368.43million, bringing cumulative recovery from debtors to N28.84billion.
Ibrahim represented by the Head, Department of Enterprise and Risk Management, Peter Gada, stated that the Corporation has set out to complement the roles of other regulators and institutions as evidenced by its role in the transition of the now defunct Skye Bank to the establishment of Polaris Bank.
Similar to the recovery made from financial debtors, the Corporation also realized N21.85 billion from the disposal of physical assets of closed banks in 2017, which was used to pay off liquidation dividends to the uninsured depositors of closed banks.
Still speaking on liquidation dividends, Ibrahim noted that a quantum leap in the payment of insured sums and liquidation was recorded as N11.50 billion was paid by the NDIC to depositors, creditors, shareholders and other stakeholders of closed financial institutions in 2017.
“Apart from the Deposit Money Banks, Primary Mortgage Banks and Micro Finance Banks, the Corporation also provides Deposit Insurance coverage to subscribers of Mobile Money Operators to the Maximum limit of N500,000.00 through the Pass-Through Deposit Insurance Framework in its drive to promote financial inclusion across the broad spectrum of the economy”, he said.
While congratulating the President and the entire members of the Abuja Chamber of Commerce on a successful Trade Fair, the Managing Director, further explained that the Corporation as a member of the Financial Services Regulation Coordinating Committee (FSRCC) is proactively trying to increase financial inclusion across board by implementing the National Financial Inclusion Strategy by adopting various public awareness strategies such as workshops, World Savings Day and media jingles.
