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Savannah Bank not Liquidated, Still Licensed – NDIC

Savannah Bank

Nigeria Deposit Insurance Corporation (NDIC) has said that Savannah Bank is not liquidated.

It consequently urged depositors of the bank to keep their account documents, as their bank is still licensed.

This disclosure was made by Mr Bello Hassan, managing director of NDIC, while speaking during the Corporation’s Special Day at the ongoing45th Kaduna International Trade Fair, in Kaduna state.

Hassan, who was represented by Hauwa Gambo Jimeta, deputy director, Public Affairs, NDIC, said: “Savannah Bank’s license was withdrawn some years back by the Central Bank of Nigeria, but the owners of the Bank took NDIC and CBN to court and the license was returned to Savannah Bank. So, at the moment, Savannah Bank is officially a licensed bank, but yet to return to business.

“I know that the authorities are working so hard to ensure that, depositors’ interests are safeguarded. So, depositors of Savannah Bank should please keep their vital records and papers, proof of accounts and all that, because Savannah Bank is actually still licensed,” Hassan said.

He further revealed that the Corporation has enhanced collaboration with the judiciary for speedy prosecution of failed insured institutions. This concerted effort, he noted, 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 (ADR) 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.”

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