NDIC settles over N120.5bn liquidity claims

Bisola David
Bisola David
NDIC settles over N120.5bn liquidity claims

The Nigeria Deposit Insurance Corporation has stated that 545,269 depositors, creditors, and shareholders of the country’s insolvent banking institutions have received payments totaling more than N120.532 billion towards liquidation claims.

The Guardian reported that claimants of Deposit Money Bank’s DMB, Micro Finance Bank’s MFBs, and Pay Money Bank’s PMBs were covered by the liquidity made as of June 30.

Speaking at the 2023 World Savings Day celebration at Government Girls College in Dala, Kano, the department head of NDIC, Kano Mahadi Abdullahi, revealed that the company paid a significant amount of collapsed banks’ cash.

Abdullahi claims that 444,010 Deposit Money Bank claimants received N116.537 billion in liquidation, 94,419 Micro Finance Bank claimants received N3.659 billion, and N336.2 million liabilities paid to 1,833 claimants of Pay Money Banks.

According to Abdullahi, the company has stepped up efforts to reduce risk in the country’s banking industry in partnership with the Federal Ministry of Finance and the Central Bank of Nigeria.

He said that the NDIC could ensure the country’s banking industry is healthy, but he also pointed out that the organization is strong in terms of failure recovery, banking supervision, and tools to lower sector risk.

Abdullahi used the occasion to highlight the NDIC’s statutory mandate and operational actions in the banking system, as well as to clarify the corporation’s prevalent misrepresentation as an insurance firm.

Speaking on behalf of NDIC Kano,  the controller, Hajia Hajara Sule, underlined the value of preserving culture and the necessity of instilling financial responsibility in children at a young age.

Hajia Sule emphasized that the theme of the 2023 World Savings Days is “Conquer Your Tomorrow Through Savings” and urged the students who were taking part to instill a saving culture in order to cover their future requirements.

Sule encouraged the teenage female students to think about opening a bank account for themselves, even as she counselled them to use the topic of the 2023 World Savings Days to develop financial literacy and budgeting strategies in all of their transactions.

In honour of the 2023 World Savings Days, the Principal of Government Girls College, Dala, Hajia Rahmatu Muktar Tofa, praised the NDIC for selecting the College to teach the girls about financial literacy and saving culture.

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