By Olusegun Obisanya
In fulfilling its mandate to ensure continuity and stability in the financial industry, the Nigeria Deposit Insurance Corporation (NDIC) says it has provided deposit insurance coverage to 981 insured financial institutions.
The Managing Director/Chief Executive, NDIC, Bello Hassan stated these in his address at the ongoing 19th edition of the workshop for business editors and finance correspondents in Port Harcourt, Rivers State.
He reiterated the Corporation’s determination under his leadership to scale up the deposit insurance framework; the provision of timely support to insured institutions as and when required.
Giving the breakdown, he stated, “As at June 30, 2022, the NDIC provided deposit insurance coverage to a total of 981 insured financial institutions. The breakdown includes: thirty-three (33) Deposit Money Banks (DMBs) made up of twenty-four (24) commercial banks, six (6) merchant banks and three (3) non-interest banks (NIBs) plus two (2) non-interest windows, 882 Microfinance Banks (MFBs); 34 Primary Mortgage Banks (PMBs); Three (3) Payment Service Banks (PSBs) and 29 Mobile Money Operators,” NDIC MD said.
Also, speaking on bank liquidation mandate of the corporation, Hassan explained that as at June 30, 2022, NDIC had covered a total of 467 insured financial institutions in-liquidation comprising of 49 DMBs, 367 MFBs, and 51 PMBs.
He added, “As at June 2022, the NDIC had cumulatively paid ₦11.83 billion to over 443,949 insured depositors and over ₦101.37 billion to uninsured depositors of all categories of banks in-liquidation.
“It is most profound for me to say that, out of the 49 DMBs in-liquidation, the Corporation in September, 2022 declared 100 percent liquidation dividend in 20 of those institutions, meaning that the Corporation has realized enough funds from their assets to fully pay all depositors of the listed banks.”
