NDIC pays N107bn dividends to depositors

From Mustapha Adamu, Kano

The Nigeria Deposit Insurance Corporarion (NDIC), has revealed that it has paid the sum of N107. 94 billion liquidation dividends to 964,416 depositors at the end of September, this year.
This was revealed by the Managing Director/Chief Executive Officer of the NDIC, Alhaji Umaru Ibrahim, at the NDIC Special Day ceremony, at the ongoing 38th Kano State International Trade Fair, yesterday.
He said, the recipients of the whopping amounts were customers whose deposits are in excess of the insured sums upon the sale of physical assets of the closed banks and recovery debts.
According to the MD/CEO, NDIC had paid the sum of N105 billion to 442,651 depositors of closed Deposit Money Banks (DMBs), adding that the corporation had also paid a cumulative sum of N2.88 billion to 525,009 depositors of closed Micro Finance Banks (MFBs) at the same period under review.
Ibrahim also disclosed that the corporation had also paid the sum of N60 million to 756 depositors of closed Primary Mortgage Banks (PMBs).
He further said that it was imperative to save and have access to financial services, owing to the fact that there was great advantage and incentive attached to that.
He added that depositors are guaranteed of their savings by the NDIC in the event of bank failure up to the maximum of N500, 000 in commercial, merchant, mortgage banks, as well as mobile banking subscribers, and N200, 00 in a microfinance bank.
The NDIC boss further said “that is why we continue to stress the need for depositors to patronize only financial institutions that are licensed by the CBN, and which displays the NDIC stickers that is written “Insured by NDIC “ in their banking halls or entrances.
He advised the public to avoid keeping their money in market shops and houses, noting that it was safer to deposit money in the banks to avoid losing it to armed robbery nets or fire incidents.