NDIC pays N6.68bn to failed banks’ depositors

// News | General | NDIC pays N6.68bn to failed banks’ depositors
Email to a friend Plain text Print version // Font size: Decrease font Enlarge font
Managing Director, NDIC, Alhaji Umaru Ibrahim

Managing Director, NDIC, Alhaji Umaru Ibrahim
| credits:

The Nigerian Deposit Insurance Corporation has said that it paid a cumulative insured deposit of N6.682bn to depositors of 48 banks in liquidation as at August 2012.

The Managing Director, NDIC, Mr. Umaru Ibrahim, said the amount was against the N6.636bn paid to 527,942 depositors in December 2011. He spoke in Lagos on the occasion of the corporation’s Special Day at the 2012 Lagos International Trade Fair.

Ibrahim, who was represented by the Director of Asset Management Department, NDIC, Mr. Olarewaju Sulaiman, said a cumulative dividend of N77.384bn had also been paid to depositors, whose claims were in excess of the insured amount in the 48 banks as at August. This figure, he said, was against N73.553bn paid to depositors for the same period last year.

He said, “It is instructive for me to say that the NDIC has been resolutely committed to its mandate since it commenced operations in the last two decades. We have also contributed immensely to the various banking reforms that had been witnessed in the Nigerian banking sector and the dynamics of the global financial market.”

Ibrahim stated that N2.45bn had been paid to depositors of the 103 microfinance banks that had ceased to operate as at August 31, 2012. This was against the sum of N2.25bn paid to the insured depositors of the closed MFBs as at the end of December last year.

The theme of the fair was, “Promoting Trade for Sustainable Economic Transformation.”

He said the theme bore eloquent testimony to the posture of the Lagos Chamber of Commerce and Industry, as a key player and organiser of the fair, in the quest for the realisation of Nigeria’s Vision 2020 and the transformation agenda of the Federal Government.

The NDIC boss said the corporation had a crucial role to play towards the safety, soundness and stability of the financial system.

According to him, the key mandate of the corporation is to provide financial guarantee to depositors of the insured financial institutions in event of failure, with a view to enhancing public confidence in the nation’s banking system.

Tagged : No tags for this article

Headlines Newsview all

Boko Haram - 'Chibok girls would surely be released on Monday'

Self acclaimed secretary General of Boko Haram, Mallam Danladi Ahmadu have said that the group’s cases fire agreement with the Federal Government is very much ...

Adebambo Adetunji, Pastor In Ilorin Arrested For Snatching Cars At Gunpoint

A district pastor of a church in Ilorin, the Kwara State capital, has been remanded by a Lagos Magistrate’s Court sitting in Ikeja. The 37-year-old pastor, ... Full story

Rivers State Governor Rotimi Amaechi Says Corruption In Nigeria Is Uncontrollable

Rivers State Governor, Mr. Rotimi Amaechi, has described the level of corruption in Nigeria at the moment as uncontrollable. Amaechi, who is also the Chairman, Nigerian ...

Boko Haram frees 45 women recently abducted

There are reports that the Islamic violent group, Boko Haram has reportedly freed about 45 women recently abducted from Waga Mangoro and Madagali villages between ...

Boko Haram Kidnaps 40 More Young Girls

Fresh reports filtering in from Adamawa State has it that another set of 40 girls have been abducted by the outlawed Islamic sect, Boko Haram. The ...

Nigerian Dominic Adesanya Arrested After He Jumped the White House fence and ran onto the North Lawn

A Maryland man jumped the White House fence and ran onto the North Lawn before being subdued Wednesday night. Dominic Adesanya, 23, stood on the North ... Full story

Jealous Boyfriend Warns President Obama - Video

A voter standing beside President Barack Obama as he was casting his early ballot for the 2014 midterm elections in Chicago warned the Commander-in-Chief: 'Don't ... Full story

Father abandons his three children in boarding school for eight years

Three children abandoned in a boarding school in Abule-Iroko in the Ado-Odo Ota Local Government Area of Ogun State are longing to meet their parents ... Full story

University Students Storm Lagos Club To Strip Dance For Money

Cave night club could have passed for any other club but it is not like any other in Nigeria. It is a strip club where ... Full story

Oscar Pistorius sentenced to 5 years in prison for the manslaughter of his girlfriend Reeva Steenkamp

There was almost complete silence in the courtroom as Oscar Pistorius was sentenced to five years in jail for the manslaughter of his girlfriend Reeva ...

Popular Musician Feyisayo Mojisola Oyetade Dies On Child Naming Ceremony Day

A popular hip-hop singer has died on the naming day of her 8-day-old baby boy. The singer, Feyisayo Mojisola Oyetade, who is a popular singer in ... Full story

Comment on: NDIC pays N6.68bn to failed banks’ depositors

Rate this article

0

Breaking News

Between Men and Women, Who is Favouring who.....Actress, Dayo Amusa Ask

Dayo Amusa is one of the big fishes in the waters of the Yoruba Movie industry. She tops the list of the roll call of ...

Waiting To Hear My Wedding Date Will Be Impossible…….Omawwunmi

Do you have a story/gist for publication? Please email it to story@nigeriafilms.com d | 10/24/2014 4:01:11 PM [b] M. T N is in trouble...hey guys here is ...

17 ships berth in Lagos with palm oil, rice

The Nigerian Ports Authority has stated that 17 ships, carrying crude palm oil, rice, frozen fish and other food items, will berth at Lagos ports ...

I Don’t Care What Anybody Says About My Thickness and Extra Body Bits…Sound City Vj, Moet Abebe

One TV station that stands out so well because of its strive in promoting Nigerian and African music videos, no doubt is sound city. If ...

Ebola: Enyeama seeks AFCON 2015 postponement

Nigeria skipper Vincent Enyeama has said next year’s African Cup of Nations be shifted because it may be too risky to stage the competition on ...

Microsoft co-founder pledges $100m to fight Ebola

Microsoft co-founder Paul Allen has pledged to increase his commitment to fight the Ebola epidemic to 100 million dollars. The money was earmarked to pay for ...

Nigeria risks FIFA ban as court nullifies NFF election

Nigeria is in danger of another FIFA ban after a court ruled that elections that ushered in Delta FA chairman Amaju Pinnick as president of ...

I am Lacking Behind in Nollywood Because of My Poor English……….Madam Saje

Nollywood actress, Fausat Balogun popularly known as Madam Saje, may have done well for herself in the Nigerian Yoruba movie industry, but she is still ...

Nobody Can Touch My African Queen………..2Baba Reveals

Tuface Idibia has disclosed in an interview that getting married to Annie Macaulay was not easy and indescribable as he would have gotten injured if ...

Jonathan charges Falcons to defeat Cameroon

President Goodluck Jonathan on Friday charged the Falcons to go all out and defeat Cameroon in the final match of the ongoing African Women’s Championship on ...