NDIC Refunds N1.2Bn to MFBs, PMIs, Victims of CBN Liquidation

Nigeria Deposit Insurance Corporation (NDIC) has said it has so far made refunds of N1.2 billion deposits to some of the 189 Microfinance Banks (MFBs) and the four Primary Mortgage Institutions (PMIs) recently liquidated by the Central Bank of Nigeria (CBN).

Hassan Bello, managing director/ chief executive of NDIC, made the disclosure on a sideline interview at the 2023 sensitisation seminar organised by NDIC for Federal High Court Judges in Uyo, the Akwa Ibom State capital.

Hassan said that though the Act setting up the corporation provides that payment should be made within 30 days, it has been able to effect payment to insured depositors within seven days.

He said  “So far, we have about N1.2 billion insured deposits to the depositors in the Microfinance Banks and Primary Mortgage Institutions (PMI).

“We are still paying but why we have not completed payment is that there are some customers that we do not have records of their BVN to identify their alternate bank accounts in other banks.”

The corporation, according to Hassan has also realized N1.6 billion to pay creditors and depositors of the 20 commercial banks liquidated, even as plans have been concluded to pay them as quickly as possible.

While calling on depositors to come forward with information that would help in the payment of the insured depositors, he expressed satisfaction that the corporation was able to achieve speedy payment within seven days.