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

Revealed!! ISIS Most Wanted, Ahmed Al-Assir Was Coming On A Special Invitation To Nigeria

According to a shocking report on Daily Trust, the ISIS leader, Ahmed Al-Assir, who was arrested in Lebanon on his way to Nigeria lately, was ... Full story

Mother And Daughter "Strip" And Sleep With Sugar DaddiesTo Raise £56,000 For Plastic Surgery

Kayla Morris, 20, from Rugby, has worked as a stripper to fund surgery Mother Georgina Clarke, 38, is desperate to look like 'idol' Katie Price   Previous £800-a-week arrangement ... Full story

Sacked Employee Shoots Former Colleagues On Live TV - Video Video

Disgruntled WDBJ-TV ex-employee Vester Lee Flanagan live tweeted a video of his on-air shooting of reporter Alison Parker and cameraman Adam Ward this morning in ... Full story

Man proposes to his boyfriend in church that prohibits gay marriage and gets a standing ovation from the congregation

Trevor Harper, 36, and Davis Covin, 30,  have been attending the First United Methodist Church of Austin for the past two years Though their congregation has ... Full story

Shocking!! We Hid Cocaine In Arik Flight Meals - Ikechukwu Chibuzor Oliver

The National Drug Law Enforcement Agency on Thursday said it had apprehended another employee of Arik Air, Ikechukwu Chibuzor Oliver, for his alleged involvement in ... Full story

Unbelievable!! 87 Year Old Woman Who Has A 5 Inch Horn Growing Out Of Her Head

Doctors in China were presented with a rare medical condition recently. Liang Xiuzhen from Sichuan, south west China, came to them with what appeared to be ...

3 Arrested For Swallowing 233 Wraps Of Cocaine At Lagos Airport

Three suspected drug traffickers are being interrogated for swallowing 233 wraps of powder substances that tested positive for cocaine with a weight of 5.05kg.  Three suspected ... Full story

Can You Imagine!! Rita Ora Puts Her Boobs On Display (18+)

Rita Ora might have missed the X Factor launch in London on Wednesday due to her touring commitments, but the show's judge ensured that she ... Full story

Shocking!! Boko Haram Member Disguised As Woman Was A Nigerian Soldier (Video)

A shocking video evidence that a man who was widely portrayed as a captured Boko Haram fighter disguised as a woman is a Nigerian soldier.  SaharaReporters ... Full story

OMG!!! Ex YMCMB Rapper, Tyga Caught Having S3x With A Man (18+)

A photo of U.S rapper, Tyga, having sexual relations with a fellow man is currently making rounds online. Check on it!  Popular U.S Urban and gossip ... Full story

Lagos Police Arrest Gun Runners, Recover Gun-Manufacturing Equipment

The Lagos State Police Command has arrested a 26-year-old suspect, Ayila Ejir, for allegedly manufacturing and selling guns. The equipment used for making the arms were ... Full story

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

Rate this article

0

Breaking News

Real Love Comes With A Choice Not A Chance

When all the butterflies have fluttered away and your wedding day becomes a distant memory, you will discover that you’ve married someone who is just ...

She said I’m not the father of two of our children —Husband

Mr James Adedapo, a retired civil servant has got a nod for his divorce suit against his wife, Oluwatoyin, at the Grade ‘C’ Customary Court ...

How Rukky Sanda's Trusted Friend Robbed Her

Nollywood actress, Rukky Sanda, known for her regular flaunting of her wears on social media, has disclosed that she is not happy that she is ...

If your spouse bed-wets on your wedding night, what will you do?

Adediwura, Adeleke and John One might think bedwetting is only a preserve for children, but recent researches have shown that bedwetting among adults is a top ...

3 Things Toke Makinwa's Husband Wish To Keep Private

For some Nigerians who like flaunting their lovers on social media or things they do, they really need to learn a lot from some people ...

Secret Of My Glowing Skin…Mercy Aigbe

Nollywood actress, Mercy Aigbe, is not just making a mark in acting alone but in fashion, hair and recently cosmetic line which she just added. In ...

Why Is It That Some Of You Feel I'm Bleaching? Am I A Kid!...Vic O

The Nigerian entertainment industry both Nollywood and acting is really buzzing these days as new talents are being discovered all trying to make a name ...

I am afraid of poverty---Liz Anjorin

Nollywood actress, Liz Anjorin, is one blunt actress who does not care what people will have to say about her as she believes she plans ...

OMG!! Aside Women, Men Too Can Be Raped By Women - Omoni Oboli

Royal Arts Academy in conjunction with Nollywood Workshop released a new block buster movie, titled ‘Code of Silence, ’which explores the very important themes of ...

Olamide Confesses His 2 Major Fears In Life

His songs are recently turning street anthems and major club hits, yet YBNL Rapper and Boss, Olamide still has two major fears in life. The young ...