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

Prefer To Burn In Hell Than Worship The Monster Called God - Stephanie Rose

Nigerian transgender Stephanie Rose, is full of hatred for the Lord our God and is coming out again to insult him and call him a ... Full story

Nigerian Esther Otubo Nicole, Ships Girls From Nigeria To Dubai For Prostitution

A social media user Emeka Ugwuonye, has put a certain Madam Esther Otubo Nicole (pictured) on full blast for what he terms ‘Human Trafficking’. According to ... Full story

Train Crushes Unidentified Crippled Man To Pieces In Benue (Very Graphic Images)

An unidentified crippled man was on Monday, crushed to unrecognizable pieces by a train in Makurdi, Benue State. The deceased’s corpse has been transferred to the ... Full story

Teenagers Attack Shops, Stab 3 To Death

There was panic on Freeman and Borno streets in the Oyingbo area of Lagos State when teenagers, armed with cutlasses and knives, attacked and looted ... Full story

AMORAN Official Murders Okada Rider

A commercial motorcyclist (popularly called okada rider), Azeez Ahmed, has been killed in Ifo, in the Ifo Local Government Area of Ogun State, over ticket ... Full story

Okada Riders Stabs, Kidnaps Security Man In Lagos

A Man O’War officer attached to a security post in Ikate Roundabout in the Lekki area of Lagos State, Ibrahim Busari, has been beaten up ... Full story

Boko Haram Releases Horrible Video Of Insurgency

  Islamist sect, Boko Haram, has released a barbaric video of its brutality in Nigeria, the stronghold of the sect. The sect has been waging a ...

Last Time Nigerian Army Bought Weapons Was In 2006 - Alex Badeh

Immediate past Chief of Defence staff, Alex Badeh is not done talking about the lack of equipment in the Nigerian army. In an interview with ... Full story

South African First Lady To Be Charged In Court Over Alleged Plot To Poison Jacob Zuma

The net is closing in on First Lady Nompumelelo ­Ntuli-Zuma, who has allegedly admitted to knowing about a plot to ­poison the president. City Press has ... Full story

Man Paraded Naked For Raping A 5 Year Old Boy In Lagos (+18 )

A man in his early 50s was reportedly caught pants down having sex with a 5 year old boy was mobbed and paraded naked by ... Full story

Goodie Ibru Arraigned For Alleged N1bn Fraud

The Economic and Financial Crimes Commission has filed 11 counts of fraud against the former Chairman of Ikeja Hotels Plc, Mr. Goodie Ibru, for allegedly ... Full story

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

Rate this article

0

Breaking News

Davido: I Deserved To Win Best Male Artist Award

The pop star, who is gearing up for the release of his third studio album, said he deserved to win the 2015 MAMAs Best Male ... Full story

Am Not Owing Any Bank - Abike Dabiri-Erewa

Former House of Representative member, Abike Dabiri with twitter handle @abikedabiri has refuted claims by the Nigerian Deposit Money Banks that a company in which ... Full story

New Offside Rule Introduced For New Premier League And Football League Season

The start of the new season brings a tweak to football's offside rule - one that could result in quite a few goals being disallowed. If ... Full story

Ghanaians, Chadians And Others Neighbouring Countries Storm Nigeria For Dollars

The naira rate represents a sharp rise from N240 a week ago, as Nigerian commercial banks continue to reject cash deposits in dollars.  According to reports, ... Full story

Nwankwo Kanu Happy With U-23 Team, Arsenal Victories

Former Nigeria international, Nwankwo Kanu, has expressed his excitement over the wins recorded by his former club, Arsenal, and the Nigeria U-23 men’s team on ... Full story

Pray Ernest Asuzu Quits Bad Friends - Jennifer

Wife of Nollywood actor, Ernest Asuzu, Jennifer, has disclosed that she feels sad about the negative reports linked with her husband. Jennifer, who works as a ...

Obesere Warns Jealous, Aggrieved Ibadan Fuji Musicians

Fuji icon, Alhaji Abass Obesere, has warned his ‘enemies’ to stop threatening his fans in Ibadan because of the regular shows he gets from show ...

2face Idibia Attacks Comedian

Popular Comedian, Chuks D’ General, was put under intense ‘fire’ recently after his joke on Nigerian old and legendary singers went rather too far. Chuks ...

Arsenal Fan Who Picks Up Mourinho's Community Shield Medal After Defeat

Chelsea manager, Jose Mourinho threw his Community Shield runners-up medal to a young Arsenal fan after defeat at Wembley.  Chelsea manager, Jose Mourinho handed a young ... Full story

Timaya Pictured With Rihanna In Barbados

Nigerian dance-hall singer Timaya, was a guest star at a street festival last weekend in Barbados. He had the honour of performing on stage while Bajan ... Full story