Failed banks depositors leap for joy as NDIC begins payment

Depositors of failed banks in the country may have a new reason to smile as the Nigeria Deposit Insurance Corporation (NDIC) has commenced verification exercises for depositors of 14 failed banks and 22 Microfinance Banks (MFBs).

This was disclosed in a statement signed by Bashir Nuhu, director, Communication and Public Affairs Department.

According to the NDIC, the verification exercise is geared towards the payment of insured sums to eligible depositors.

Depositors of the affected MFBs whose operating licences were recently revoked by the Central Bank of Nigeria (CBN) have been advised to visit the closed banks’ addresses and be verified by the NDIC’s officials.

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They are also to visit the Corporation’s website for the list of the banks and to verify their claims.

 NDIC also announced plans to commence payment of liquidation dividends to uninsured depositors, creditors and shareholders of additional 14 banks in liquidation.

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

The release listed the banks as City Express Bank, All States Trust Bank, Allied Bank, Commerce Bank, North South Bank, Cooperative and Commerce Bank and Nigeria Merchant Bank. Others are Hilltop MFB, Olomoyoyo MFB, Evo MFB, Ngwegwe MFB, Bekwarra MFB, Argungu MFB and Edet MFB.

The statement further advised eligible stakeholders of the banks to visit the Corporation’s offices nationwide for the verification of their claims or do so on the Corporation’s website.