The Nigerian Deposit Insurance Corporation (NDIC), has paid N105 billion to 442, 615 depositors of closed Deposit Money Banks (DMBs). the Managing Director, Umaru Ibrahim has said.
Umaru said the figure was as at the end of September, 2017.
Similarly, the Corporation paid a cumulative sum of N2.88 billion to 525, 009 depositors of closed Microfinance banks (MfBs), as well as N60 million to 756 depositors of closed Primary Mortgage Banks (PMBs).
Ibrahim, who spoke at the NDIC Special Day at the just concluded 38th Kano International Trade Fair, said: ”It is equally important to draw the attention of members of the public to take advantage of the numerous incentives available to save and have financial services. Depositors are also guaranteed by NDIC in the event of bank failure upto a minimum if N500, 000 in commercial, Merchant/Mortgage Banks/Mobile banking subscribers, while N200, 000 in a Micro-Finance Bank”.
Ibrahim, explained that the corporation has paid liquidation dividends to customers, whose deposits are in excess of the insured sums upon the sale of fiscal assets of the closed banks and debt recovery. However, he stressed the need for depositors to patronize inly financial Institutions that are licensed by the CBN and which display the NDIC sticker: ” Insured by NDIC” in their banking halls and entrances, so as to avoid patronizing dubious fund managers, otherwise, known as ‘Wonder Banks’.
He also, said that :” There is also the emerging trend of investing in digital currencies, popularly known as Bitcoins, which has serous dangerous consequences, like the ‘Wonder Banks’ because the digital currencies are not licensed by the CBN and therefore not insured by NDIC’.