03-06-2020, 10:32 AM
NDIC settles depositors, shareholders of 18 failed banks
March 6, 2020
in Business, News Update
[/url]![[Image: NDIC.jpg]](https://thenationonlineng.net/wp-content/uploads/2019/10/NDIC.jpg)
[url=https://thenationonlineng.net/wp-content/uploads/2019/10/NDIC.jpg]
“The NDIC and CBN have been taking steps to strengthen the operations of the Microfinance Banks (MFBS) with a view to making them relevant to the needs of farmers. The MFBS have been re-categorised with different capital requirements.
March 6, 2020
in Business, News Update
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[url=https://thenationonlineng.net/wp-content/uploads/2019/10/NDIC.jpg]
Nigeria Deposit Insurance Corporation (NDIC) said it has fully paid all depositors of the 18 failed banks their deposits, just as it paid creditors and shareholders of the banks N4.987 billion as liquidation dividends.
NDIC Managing Director /Chief Executive, Umaru Ibrahim, made this known on Thursday in Kaduna. He revealed that the Corporation last January developed a new Fintech and Innovation Unit, a technology driven solution to protect depositors and improve the safety of the financial system.
Addressing the NDIC Day at the 41st Kaduna International Trade Fair with the theme: ‘Consolidating Interface Between Industry and Agriculture for Nigeria’s Sustainable Development’, Ibrahim, who was represented by the NDIC’s Director, Communications and Public Affairs Department, Dr Sunday Olayemi, warned the public against transacting any business with banks that are not licensed by the CBN, particularly the wonder banks.
“To date, the NDIC has fully paid all the depositors of 18 closed Deposit Money Banks all their monies (both insured and uninsured) that were trapped in such banks. Creditors and shareholders of the closed banks had also been paid liquidation dividends to the tune of N4.987 billion as at 31st December, 2019.
“We are aware that for agriculture to recapture its previous position as the top revenue earner for the nation, our famers at all levels will require safe and secured access to financial services, especially at the grassroots levels.
“As a critical pillar in the Nigerian Financial System, NDIC will continue to promote the much needed interface between industry and agriculture by working to ensure a safe, sound and stable banking sector that offers strong support to the agricultural sector.
“The NDIC and CBN have been taking steps to strengthen the operations of the Microfinance Banks (MFBS) with a view to making them relevant to the needs of farmers. The MFBS have been re-categorised with different capital requirements.