The Nigeria Insurance Corporation says it has reimbursed deposits of 179 rested microfinance and four primary mortgage banks across the country.
The Managing Director of the NDIC, Dr. Bello Hassan, stated this at the NDIC Special Day during the ongoing 45th Kaduna International Trade Fair on Thursday.
Hassan, who was represented by the NDIC’s Deputy Director, Communication, Hauwa Gambo, insisted that the corporation’s priority was the protection of Nigerian depositors’ funds of licenced banks in distress.
According to him, in carrying out its statutory functions, the corporation has introduced the Single Customer View framework to expedite payment to depositors of closed banks.
Besides, he added that the NDIC has enhanced its collaboration with the judiciary for speedy prosecution of failed insured banks which has resulted in resolving long-drawn cases of closed banks such as Fortune and Triumph Banks liquidation.
According to him, the efforts have significantly improved the debt recovery rate which enabled the corporation to declare 100 per cent liquidation dividends to uninsured depositors of more than 20 deposit money banks in liquidation.
The NDIC boss said the corporation had achieved remarkable success in reimbursing depositors during the recent closure of 179 Microfinance Banks and four Primary Mortgage Banks, ensuring timely payment of insured sums.
He said, “Our priority at NDIC is the protection of Nigerian depositors. We are dedicated to safeguarding depositors’ funds from the adverse effects of bank failure
“The corporation has introduced the Single Customer View framework to expedite payment to depositors of closed banks.
“The Corporation has enhanced collaboration with the judiciary for speedy prosecution of failed insured institutions.
“This concerted effort has resulted in resolving long-drawn cases of closed banks such as Fortune and Triumph Banks in liquidation.
“Moreover, we have utilised Alternative Dispute Resolution mechanisms and out-of-court settlements, revitalising our liquidation activities.
“These efforts have significantly improved our debt recovery rate, enabling us to declare 100 per cent liquidation dividends to uninsured depositors of more than 20 deposit money banks in liquidation.
“The Corporation achieved remarkable success in reimbursing depositors during the recent closure of 179 Microfinance Banks and 4 Primary Mortgage Banks, ensuring timely payment of insured sums.”
Hassan also said that the NDIC deployed digital remote payment strategies to facilitate electronic funds transfers to verified depositors’ alternate bank accounts.
To address the apathy among depositors with small balances, he said the NDIC launched the ‘Deposit Tracer’ in partnership with Mobile Operators which allows depositors to access their unpaid balances through mobile accounts.
He urged depositors of banks in liquidation to utilise the various initiatives by the corporation in claiming their funds trapped in closed banks while assuring that the NDIC remained committed to protecting Nigerian depositors.
