Ossom Raphael

Port Harcourt – The Nigeria Deposit Insurance Corporation (NDIC), has said that as at June 2022, it cumulatively paid ₦11.83 billion to over 443,949 insured depositors and over ₦101.37 billion to uninsured depositors of all categories of banks in-liquidation.

The corporation also declared 100 per cent liquidation dividend in 20 out of the 49 Deposit Money Banks (DMBs) in-liquidation

The Managing Director/Chief Executive of the NDIC, Mr. Bello Hassan, said this in Port Harcourt at the 19th edition of the NDIC Workshop for Business Editors and members of the Finance Correspondents Association of Nigeria (FICAN) with the theme, “Boosting Depositors’ Confidence Amidst Emerging Issues and Challenges in the Banking System”.

Mr Hassan said, the liquidation activities of the Corporation, as at June 30, 2022, covered a total of 467 insured financial institutions in-liquidation, comprising 49 Deposit Money Banks (DMBs), 367 Microfinance Banks (MFBs), and 51 Primary Mortgage Banks (PMBs).

He said: “As at June 30, 2022, the NDIC provided deposit insurance coverage to a total of 981 insured financial institutions. The breakdown includes: 33 DMBs made up of 24 Commercial Banks, Six (6) Merchant Banks and Three (3) Non-Interest Banks (NIBs) plus Two (2) Non-Interest Windows; 882 Microfinance Banks (MFBs); 34 Primary Mortgage Banks (PMBs); Three (3) Payment Service Banks (PSBs) and 29 Mobile Money Operators”, he said.

“The liquidation activities, as at June 30, 2022, covered a total of 467 insured financial institutions in-liquidation, comprising of 49 DMBs, 367 MFBs, and 51 PMBs.

“As at June 2022, the NDIC had cumulatively paid ₦11.83 billion to over 443,949 insured depositors and over ₦101.37 billion to uninsured depositors of all categories of banks in-liquidation.

“It is most profound for me to say that, out of the 49 DMBs in-liquidation, the Corporation in September, 2022 declared 100 per cent liquidation dividend in 20 of those institutions, meaning that the Corporation has realized enough funds from their assets to fully pay all depositors of the listed banks”.

In the area of consumer protection, he pointed out that the Corporation has strengthened its complaints resolution platforms, which include the Toll-Free Help Desk, social media handles and Complaints Desks in the Bank Examination, Special Insured Institutions and Claims Resolutions Departments, as well as its Zonal Offices, to receive and process complaints from depositors.

Speaking further, the NDIC boss said the Single Customer View platform (SCV) platform deployed by the corporation will strengthen the process and procedure for data collection in microfinance and primary Mortgage Banks in the country.

“The platform would not only ensure availability of quality, timely and complete data to the NDIC, but would eliminate delays often experienced in reimbursing depositors following revocation of institutions’ licenses by the CBN.

“The final phase of the implementation of the SCV for Deposit Money Banks (DMBs) will be achieved through the incorporation of the SCV template as part of the on-going Integrated Regulatory Solution (IRS) jointly being developed with the CBN,” Hassan said.

He noted that the landmark achievements of the Corporation would not have been possible without the active support of the strategic stakeholders, he called on the participants to continue to support the Corporation in its resolve to deliver on its core mandates.

Participants at the workshop include the media, the members of the civil society groups and the Association of Corporate Affairs Managers of Banks (ACAMB).