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

Joy Williams, 23 Year Old Nigerian Dies In Thailand After Illegal Buttock Augmentation Surgery

Joy Williams, 23, from Thamesmead, was described as a 'caring and funny' girl who was 'loved by everybody. She died on October 23 after travelling to ... Full story

Nigerian Soldiers Arrested For Working As Spies For Boko Haram

Soldiers in Nigeria’s military may be working as moles for Boko Haram, giving the terrorist group vital information about the military’s strategies and tactics. News site, ... Full story

Centers for Disease Control Admits Ebola Can Be Spread Through The Air

Ebola is a lot easier to catch than health officials have admitted — and can be contracted by contact with a doorknob contaminated by a ... Full story

Boko Haram Terrorists Invade Adamawa State, Besiege Mubi

Hundreds of Nigerian soldiers are reportedly leaving the town of Mubi in Adamawa State, as members of the terrorists’ group, Boko Haram, make advances to ... Full story

Nigeria's First Lesbian Wedding Takes Place In Lagos

The end times are finally here. Some of the things we used to say can never happen in Nigeria are beginning to unfold and unfurl ... Full story

Stephen Keshi Returns As Coach of Super Eagles

Chris Giwa, the Nigeria Football Association (NFA) Chairman who was restored to office on Thursday by a Jos court ruling, said on Monday that sacked ... Full story

Escaped Chibok Girl Reveals How Boko Haram Militants Raped, Beat Them Every Night

He soon began to threaten me with a knife to have sex with him and when I refused, he brought out his gun, warning that ...

Kenneth Okolie, Former Mr Nigeria Eyes Politics

Nollywood actor and model, Kenneth Okolie, has disclosed that dating an actress is the worst mistake an actor can make. The former Mr. Nigeria, who is ...

Pastor Enoch Adeboye Condemns Marriage

 Contrary to what the bible says that a man shall leave his father and mother and hold fast to his wife, and the two shall ... Full story

Senzo Meyiwa, South African Captain And Goalkeeper Shot Dead By Cell Phone Thieves

The South African police have confirmed that its national football team’s captain and goalkeeper, Senzo Meyiwa, 27, have died after being shot at his home ... Full story

TB Joshua To Compensate Families Of Victims $4,500 Each

 The General Overseer of Synagogue Church Of All Nations, Prophet T.B Joshua has said through the church spokesperson, Kirsten nematandani that, the church will be ... Full story

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

Rate this article

0

Breaking News

Nigerian Artistes Should Learn From Me- Eedris Abdulkareem

One time top Nigerian rapper, Eedris Abdulkareem has beckoned on other budding music stars to learn from him and his style of music.Eedris analysed the ...

What Is It Called When There Is Too Much Maggi In A Food?

Do you have a story/gist for publication? Please email it to story@nigeriafilms.com Wahala de Ben | 10/31/2014 2:45:06 AM Ok na me call am maggri hahaha l no ...

Annie Idibia's Words For Single Ladies

Do you have a story/gist for publication? Please email it to story@nigeriafilms.com Anis | 10/31/2014 12:28:23 AM You are indeed a queen blessed and crowned by God ...

How Childlessness Almost Tore 6-Year Old Marriage Apart

The once lovely union between one Mr. Sodiq Oseni and his wife, Kemi, was at the verge of hitting the rocks but for the intervention ...

COSON does not Support any Political Party……. Tony Okoroji

Copyright Society of Nigeria (COSON) has announced that it is throwing its weight solidly behind the aspiration of its frontline member, Kenny St. Best (KSB) ...

"Mobile Phones: A Curse Of A Blessing?"

In the twenty first century, mobile phones are having such a large impact that they have become an in inevitable part of our society. Nowadays, ...

I Enjoy Kissing in………Femi Ogedengbe

Nollywood actor cum director, Femi Ogedengbe, has revealed that challenges faced in the movie industry is about trying to do things out of the ordinary ...

Nigeria escape FIFA ban again as court dismisses case against NFF

Nigeria on Thursday escaped the wrath of FIFA as Justice Ambrose Allagoa of the Federal High court sitting in Jos, Plateau State on Thursday withdrew ...

As Politicians, We Will Still Be Loyal……..Kate Henshaw, Desmond Elliot Reveals

Politics could be described as a game for the strong and brave minds and at the end of the tunnel, the best or favoured candidate ...

Go Back and Apologize to People you Have Offended………Segun Arinze advises

Veteran Nollywood actor, Segun Arinze, who has had a share of the good and bad sides of a celebrity, has disclosed that stardom comes with ...