NDIC Pays N8.25bn Insured Deposit Guarantee

NDIC Pays N8.25bn Insured Deposit Guarantee

Thursday, October 24, 2019 1:15 pm


The Nigeria Deposit Insurance Corporation (NDIC), said it had paid about N8.25 billion as insured amount to 442,999 depositors of closed Deposit Money Banks (DMBs), on deposit guarantee.

The Corporation disclosed this in its 2018 annual report recently released in Abuja.

It said it also paid N2.97 billion to 83,415 depositors of closed MFBs in 2018.

On banks’ liquidation, it said the corporation continued with the liquidation activities of 53 DMBs, 325 MFBs and 51 PMBs.

According to the report, a cumulative amount of N29.01 billion was recovered from debtors of DMBs-in-liquidation as at Dec. 31, 2018, compared with N28.48 billion realised in 2017.

On the financial performance, it said that the total operating income of the corporation increased by 12.77 per cent from N146.48 billion as at 2017 to N165.18 billion in 2018.

The report said the corporation remitted N53.20 billion to the Consolidated Revenue Fund (CRF) of the federation during the year under review.

“The NDIC had in the last one year, recorded notable achievements in the protection of depositors and promotion of  safe and stable banking system in Nigeria.

“NDIC remains committed to safeguarding Nigerian financial system, particularly in the area of engendering public confidence and contributing to financial system stability,’’ it said.

The report stressed the Corporation’s readiness to continue to partner and collaborate with relevant local and international agencies in the promotion of financial system stability in the country. NAN

Join The Conversation

What do you think?

This site uses Akismet to reduce spam. Learn how your comment data is processed.