NDIC MD

The Nigeria Deposit Insurance Corporation has commenced the payment of insured deposits to customers of 46 failed microfinance banks whose operating licences were revoked by the Central Bank of Nigeria, while intensifying loan recoveries and asset sales to reimburse depositors with balances above the insured limit.

 

Managing Director and Chief Executive Officer of the NDIC, Thompson Sunday, disclosed this on Wednesday in Lagos during a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters.

 

Speaking on the sidelines of the event, Sunday said the corporation moved swiftly to begin liquidation after the CBN revoked the licences of the affected MFBs and appointed the NDIC as provisional liquidator. “We’ve started paying depositors of those banks, and gradually, we intend to cover all the insured depositors,” he said. According to him, the NDIC is also pursuing debtors of the failed institutions and disposing of their assets to generate funds for the payment of uninsured deposits “Our function as liquidator involves paying the guaranteed sums.

 

Thereafter, we go after those owing the institutions and ensure that available assets are sold to realise funds for settling the uninsured portions of deposits,” Sunday said.
Punch