The Nigeria Deposit Insurance Corporation (NDIC) said it has refunded a total of N220.118 billion to 535,815 depositors, creditors and shareholders of failed banks as at last December.
This includes N119.101 billion for the insured and N101.117 billion for the uninsured.
NDIC Managing Director (MD), Bello Hassan, made this known at the weekend during the ‘NDIC Day’ at the 33rd Enugu International Trade Fair, Enugu.
Hassan said the corporation had declared the payment of insured and uninsured sums to depositors of 18 banks in-liquidation.
“This implies that the corporation has realised liquidation dividends to pay depositors of the banks who present themselves for payment,” he said.
The fair is organised by the Enugu Chambers of Commerce Industries, Mines & Agriculture with the theme: “Opening up Nigerian business windows for competitiveness in the emerging global market”.
The MD, who was represented by the Deputy Director, Enugu Zonal Office, Princess Stella Henshaw, said for the ease of insured depositors, the corporation’s website was activated and monitored to enable depositors and other claimants of closed banks in-liquidation to make use of online filing to process their claims.
Hassan assured that the era of failed banks was over, adding that the NDIC was living up to its mandate of contributing to financial stability.
He noted that the corporation had responded to the emergence of fintechs and other digital financial services for deposit insurance coverage.
“It is on against this backdrop that I would like to assure you all that NDIC will not rest on its oars in its unrelenting efforts to protect depositors through prompt operational responses to novel developments in the banking system as they evolve”, he said.
while calling on the general public especially traders and businessmen to always save money in licensed banks where their savings are protected by the NDIC.