Nigeria Deposit Insurance Corporation (NDIC) has paid N1.7 billion to over 42,000 customers of failed banks, according to Bello Hassan, managing director/CEO of the corporation.
Hassan stated this while addressing journalists at the sidelines of the NDIC Editors Forum with the theme “Stocktaking of Deposit Insurance Practice: Assessing the Past, Evaluating the Present and Forecasting the Future.”
Hassan said: “In terms of the insured amount paid today, we have paid more than N1.7 billion to more than 42,000 customers and we are calling on customers that had no BVN attached to their account in those microfinance banks to come forward and reach out to us at our offices across the six geopolitical zones so that they can get themselves verified so we can pay the insured amount.
“We appeal to those depositors to come forward so that they can be verified and paid the insured amount and it would form the basis of subsequent payment when we realise the assets be it physical or risk asset to begin the liquidation dividend subsequently.”
Hassan explained that the Editors Forum was part of the Corporation’s efforts to deepen close and cordial relationships with the leadership of the media industry to ensure partnership for the successful implementation of the Deposit Insurance System in Nigeria.
Elaborating on the rationale for theme for the forum, Hassan said: “The NDIC at various times has had to confront the same challenges as other financial safety-net players affecting the nation’s financial system as a result of the impact of macroeconomic factors and the changing dimensions of the financial services industry which is constantly evolving. Though some of the challenges are universal, others are of course unique and domesticated.
” It is within this context that the NDIC aligns itself with the Central Bank of Nigeria’s efforts towards strengthening the banking industry through enhancing prudential thresholds and other regulatory instruments while deepening engagement and collaboration with all relevant stakeholders in the Nigerian financial system to effectively address challenges and implement solutions. “It is this background that informed the choice of the theme of this year’s interaction: “Stocktaking of Deposit Insurance Practice: Assessing the Past, Evaluating the Present and Forecasting the Future”.
“As such, the key issues to be put in perspective in the course of this interaction include the adequacy of the deposit insurance coverage; faster reimbursement of depositors in the event of bank failure; and of course, the roles of the media in promoting the stability of the financial system amongst others. To this end, there’s no gain saying the fact that your meaningful and constructive contributions are highly expected.”
