In the wake of the recent license revocation by the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation (NDIC) has embarked on the process of reimbursing depositors affected by the closure of 182 banks.
Among the banks in question, 178 were microfinance banks, while the remaining four were primary mortgage banks. A total of 62 have ceased operations, 74 were declared insolvent, 12 faced temporary distress, and the remaining six underwent voluntary liquidation.
The Managing Director of NDIC, Alhaji Bello Hassan, conveyed this assurance during a two-day capacity-building workshop held in Ikot Ekpene in collaboration with the Bureau of Public Procurement. The workshop’s theme was “Result-based procurement: A strategic approach.”
Addressing the attendees, Hassan, represented by the Executive Director of Operations, Alhaji Mustapha Ibrahim, emphasized the corporation’s unwavering commitment to maintaining high standards and preventing any cause for public panic regarding the security of bank deposits.
Furthermore, Hassan articulated NDIC’s ongoing efforts to enhance financial literacy in schools and solidify the financial system’s foundation, thereby contributing significantly to the nation’s economic progress and ensuring financial stability.
He remarked, “The Nigeria Deposit Insurance Corporation plays a pivotal role as a cornerstone in the country’s Financial Safety-Net framework, alongside other crucial players like the Central Bank of Nigeria, responsible for prudential regulation and supervision, failure resolution, deposit insurance, and lender of last resort functions.”
Hassan elaborated on the NDIC’s measures, stating, “In response to the recent license revocation affecting 178 microfinance banks and four primary mortgage banks, NDIC has initiated the liquidation process.
Our objectives encompass honoring the guaranteed sums, recovering owed debts, selling physical assets, and disbursing liquidation dividends for uninsured sums.”
Reassuring the depositors of the defunct banks, Hassan affirmed the swift disbursement of their insured amounts.
Alhaji Mamman Ahmadu, Director-General of the Bureau of Public Procurement, underscored the importance of thorough planning and records in public procurement processes, asserting that any deviation from these principles could lead to criminal implications.
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