Tuesday, September 28, 2021

NDIC recovers over N29bn from liquidated commercial banks, N129m from Microfinance banks – MD

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Rayyan Alhassanhttps://dailynigerian.com/author/rayyan/
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or www.facebook.com/RayyanAlhassan, or @Rayyan88 on Twitter.
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The Managing Director of the Nigeria Deposit Insurance Corporation, NDIC, Umaru Ibrahim, says the corporation has since its inception recovered over N29.112 billion from liquidated commercial banks and N129.10 million from failed Microfinance Banks in the country.

Addressing a press conference in Abuja on Friday as part of activities to mark the corporation’s 30th anniversary, the MD said that over N300m was also recovered from mortgage banks.

The MD added that that between 1994 to date, 53 DMBs, 325 MFBs and 51 PMBs were put under liquidation without disruption to the nation’s payment system.

Mr Ibrahim said: “On realization of assets, currently N21.502 billion was collected from the disposal of physical assets of closed DMBs, while N404.74 million and n78.17 million were realized in respect of MFBs and PMBs, respectively.

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“Debt collection and assets sales culminated in the payments of over N116.258 billion as Liquidation dividends to depositors, creditors and shareholders of closed DMBs, MFBs and PMBs as at today.

“It is important to stress that through sustained and diligent liquidation activities, NDIC had realized assets to pay in full, deposits of the customers of 17 of the DMBs (in-liquidation).

“In effect, all the depositors of the 17 defunct banks who came forward to file their claims have been paid all their monies (both insured and uninsured) erstwhile trapped in those banks,” Mr Ibrahim said.

The MD assured stakeholders in the banking system in particular, and the economy in general of its readiness to sustain the high standard recorded.

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According to him, the NDIC management is ready to raise its bar in line with their core values of honesty, respect and fairness, discipline, professionalism, teamwork and passion.

While reeling out activities lined up to mark the anniversary, Mr Ibrahim said founders of the corporation would be given a special honour for leaving behind, “a legacy of excellence in service and commitment to the stability of the financial system”.

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He added that there would be a special anniversary Juma’at prayers at the National Mosque in Abuja.

“On Saturday, October 19, NDIC staff will come out en masse to promote health and wellness as well as the spirit of healthy competition during the anniversary health walk and Novelty football Match between the corporation and Debt Management Office, DMO staff.

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“Special anniversary thanksgiving service will hold on Sunday October 20, at the National Ecumenical Center, Abuja.

“Highlight of the anniversary celebrations will be the NDIC 30th Anniversary Public Lecture/Book Presentation which will be crowned by the anniversary dinner later that same evening on Monday October 21,” he pointed out.

The managing director also said there would be various commemorative activities in Lagos and all the NDIC zonal offices which include visits to Orphanages and others.

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