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NDIC invites depositors of 20 failed banks for claims payment

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The Nigeria Deposit Insurance Corporation (NDIC) has called on depositors of 20 failed banks to come for verification and payment of their deposits that are in excess of the guaranteed sums known  as liquidation dividends.

Bello Hassan, managing director/CEO of NDIC made the call while delivering a speech on the occasion of the NDIC’s special day at the 36th Lagos international trade fair.

The affected banks are ABC Merchant Bank Limited: Allied Bank of Nigeria; Alpha Merchant Bank Plc.; Amicable Bank of Nig. Limited: Commerce Bank; Commercial Trust Bank Limited; Continental Merchant Bank Pic. Cooperative & Commerce Bank Plc.; Eagle Bank; Financial Merchant Bank Limited: Icon Limited (Merchant Bank); lvory Merchant Bank; Kapital Merchant Bank Limited; Mercantile Bank of Nig. Pic.; Merchant Bank of Africa Limited; Nigeria Merchant Bank Plc.; Pan African Bank Limited; Premier Commercial Bank Limited; Progress Bank of Nigeria; and Rims Merchant Bank Limited.

Read also: NDIC leads Africa deposit insurance stakeholders to strengthen operational resilience

“The implication of this is that, through our dogged liquidation efforts, the Corporation

has realised enough funds to fully pay all depositors of the listed banks,” he said.

Represented by Bashir Nuhu, director, communications and public affairs, NDIC, he noted that notices were also sent to creditors of seven Deposit Money Banks (DMBs) in-liquidation as well as depositors and ex-staff of Eurobank Savings & Loans, Okporo MFB and Eurofield MFB.

 “Only yesterday, our staff commenced verification of depositors of Post Service Savings & Loans (in-liquidation) at the premises of the defunct bank nationwide in preparation towards settlement of their claims,” Hassan said.

“I would like to once again call on depositors, creditors and shareholders of the listed closed banks to avail themselves of the verification platforms provided by the Corporation to claim their funds. They are at liberty to visit any of the Corporation’s nearest offices physically or utilise the NDIC online App or visit the Claims Page on our website.”

The Corporation protects depositors through the discharge of its mandate in four critical ways: by insuring depositors’ funds and guaranteeing payment in the event of bank failure; by supervising the banks in conjunction with the Central Bank of Nigeria (CBN) to ensure that they comply with extant laws and regulations; by resolving distress to reduce incidents of failure; and by ensuring orderly liquidation of failed banks to prevent disruptions to the payment system.

According to him, the essence of the Corporation’s participation in the Lagos International Trade Fair over the years, was to continuously sensitize the banking community and general public about the existence of the Deposit Insurance Scheme (DIS) and the measure of safety it offers to the financial system.

This, he said was important since public confidence in the financial system can only be enhanced when they are aware that their deposits are protected and that in the unlikely event of bank failure, there is an agency of government that would always safeguard their hard earned savings.

Speaking with journalists at the NDIC stand, Asiwaju  Michael Olawale-Cole, president, Lagos Chamber of Commerce and Industry (LCCI), expressed satisfaction on the level of participation at the annual trade fair by the NDIC.

“The NDIC has been with us for a long time at our annual trade fair. This is the 36th edition that we are doing. The beauty of their coming here is also an assurance for Investors and participants at the fair,” he said

Responding to the impact of rising inflation on the turnout of participants at the fair, he said, In Nigeria we are experiencing part of the challenges that the world is facing. No doubt it has an effect on the turnout because the purchasing power of people is not very strong as at now. But we are very happy that so far people have been coming round and doing their best to buy.”

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