NDIC Commences Payment Of Uninsured Deposits

The Nigeria Deposit Insurance Corporation has disclosed plans to commence the payment of liquidation dividends to depositors of the 14 failed banks whose licenses were revoked by the Central Bank of Nigeria.

The corporation confirmed this on Sunday in a statement titled ‘NDIC commences payment of liquidation dividends to depositors, other stakeholders in 14 closed banks’ issued by the Director, Communication and Public Affairs Department, Bashir Nuhu.

Nuhu said, “The Nigeria Deposit Insurance Corporation has announced plans to commence payment of liquidation dividends to uninsured depositors, creditors and shareholders of additional 14 banks in-liquidation.”

The banks listed for payment include Hilltop Microfinance Bank, Olomoyoyo MFB, Evo MFB, Ngwegwe MFB, Bekwarra MFB, Argungu MFB and Edet MFB.

Others are City Express Bank, All States Trust Bank, Allied Bank, Commerce Bank, North South Bank, Cooperative and Commerce Bank and Nigeria Merchant Bank.

The corporation also disclosed that stakeholders of eight of the closed banks were to receive their first round of liquidation dividend payments, while those of the other six were to be paid additional sums due to them as part of their liquidation dividends.

The NDIC therefore advised eligible stakeholders of the banks to visit the corporation’s offices nationwide for the verification of their claims or do so on its website.

The statement is coming after the corporation began the verification of depositors of 22 MFBs whose operating licences were recently revoked by the CBN.

The purpose of the verification process is to pay the insured sums to eligible depositors.