NDIC sets aside N258.767bn for failed Bank depositors

The Nigeria Deposit Insurance Corporation, NDIC, has set aside the sum of N258.767 billion for the reimbursement of depositors in the unlikely event of closure of licensed banks.

Similarly, the corporation said eligible banks in the country will also have access to about N440 billion for the 2019 fiscal year.

The Managing/Chief Executive of NDIC, Umaru Ibrahim, disclosed this while defending the 2019 budget estimates before the House of Representatives Committee on Insurance and Actuarial Matters.

A statement by Head, Communications and Public Affairs Department, NDIC, Mohammed Kudu Ibrahim, said: “The House Committee Chairman recalled the role played by NDIC in the resolution of the defunct Skye Bank and the establishment of Polaris Bank Ltd as a bridge bank and charged NDIC to be more pro-active in detecting and addressing distress in banks as a way of sustaining public confidence in the system.

“Earlier, while presenting details of the budget before the House Committee, the NDIC boss disclosed that the Corporation has set aside the sum of N258.767 billion in the 2019 fiscal year for the reimbursement of depositors in the unlikely event of closure of licensed banks.

“Giving a breakdown of the funds, the NDIC CEO said N109.686 billion was provided for depositors of Deposit Money Banks (DMBs), while N149.081 billion has been set aside for depositors of Primary Mortgage Banks (PMBs) and Micro Finance Banks (MFBs).”