30 results
- 31 Jul 2023
CBN Exempts MfBs, PMBs from Cash Limit Policy
Central Bank of Nigeria (CBN) has exempted Microfinance Banks (MfBs) and Primary Mortgage Banks (PMBs) from the cash withdrawal limit policy compliance. In a circular to banks and other financial…
- 14 Nov 2018
Depositors of Failed MFBs, PMBs to Get 100% of their Funds- NDIC
Nigeria Deposit Insurance Corporation (NDIC) has said it will soon commence paying off of depositors of the 154 Microfinance Banks (MFBs) and six Primary Mortgage Banks (PMBs) whose licenses were…
- 2 Feb 2020
NDIC Begins Verification for Depositors of Failed Micro Finance Banks, PMBs
Nigeria Deposit Insurance Corporation (NDIC) said it will today (February 3) commence claims verification for depositors of the three Micro Finance Banks and Primary Mortgage Banks recently closed by…
- 8 Oct 2023
NDIC Pays 29,573 Depositors of Closed MFBs, PMBs
Mr Bello Hassan, managing director, Nigeria Deposit Insurance Corporation (NDIC), has said it has paid about N1.084 billion to 29,573 depositors of recently-closed microfinance banks and Primary…
- 7 Mar 2024
CBN Issues Warning to Mortgage Banks Over Regulatory Returns
Central Bank of Nigeria (CBN) has sent a stern warning to all primary mortgage banks (PMBs) across the country regarding the importance of submitting regulatory returns in a timely manner. In a press…
- 23 May 2023
Closed Banks: NDIC Assures Depositors of Prompt Payment
Nigeria Deposit Insurance Corporation (NDIC) has assured depositors of Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs) whose licenses were revoked by the Central Bank of Nigeria (CBN)…
- 15 Apr 2026
NDIC Seeks Court Nods to Liquidate 89 Failed Banks
Nigeria Deposit Insurance Corporation (NDIC) said that it has commenced the process of liquidating 89 closed Microfinance Banks (MFBs) and Primary Mortgage Banks (PMBs). This followed their…
- 13 Apr 2021
CBN Asks Banks to Get on Its Central Credit Management Platform
Central Bank of Nigeria (CBN) has mandated all development finance institutions (DFIs), microfinance banks (MFBs), primary mortgage banks (PMBs) and finance companies (FCs) operating in the country…
- 25 Oct 2019
CBN Revokes Banking Licenses of 153 MFBs
Central Bank of Nigeria (CBN) has revoked the operating licences of no fewer than 153 Micro-Finance Banks (MFBs) and six Primary Mortgage Banks (PMBs), This was stated by the Nigeria Deposit…
- 29 Sept 2014
NDIC to Increase Deposit Cover for Mortgage Banks
The Nigeria Deposit Insurance Corporation (NDIC) has unveiled plans to increase the deposit insurance coverage for customers of Primary Mortgage Banks operating in the country. Alh. Umaru Ibrahim,…
- 31 Jul 2020
NDIC Lists 37 Micro Finance Banks For Closure
About thirty seven Micro Finance Banks, MFB’s may soon seize to exist for not being able to meet necessary conditions. Mrs. Ronke Sokefun, chairman of the Nigeria Deposit Insurance Corporation…
- 2 Oct 2018
NDIC Paid N11.5bn to Depositors of Financial Institutions in 2017
Umaru Ibrahim, Managing Director and Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), has revealed that about N11.50 billion has been paid to financial institutions. The payment, he…
- 31 Dec 2019
Mobile Money Subscribers Hit 9.25m in 6 Months
The number of subscribers to the 23 Mobile Money Operators (MMOs) in the country stood at 9.25million as at the first half of this year, Alhaji Umaru Ibrahim, managing director and chief executive of…
- 27 Sept 2019
NDIC Pays N116.2Bn to Depositors of Dead Banks
Nigeria Deposit Insurance Corporation (NDIC) said it has paid a total sum of N116.258billion to depositors and customers of defunct banks last year. Alhaji Umaru Ibrahim, managing…
- 22 Mar 2018
NDIC Warns Nigerians of “Wonder Banks”
The Nigeria Deposit Insurance Corporation (NDIC) has urged Nigerians to be wary of “wonder banks” that give extra-ordinary interest rates and profits on investments. Its Managing Director, Alhaji…
- 7 Dec 2023
NDIC to Pay N16.18Bn Liquidation Dividends to Depositors of 20 Failed Banks
Nigeria Deposit Insurance Corporation (NIDC), has asked depositors of 20 failed banks to come forward and claim their liquidation dividends amounting to N16.8 billion. Bello Hassan, managing director…
- 20 Nov 2018
NDIC Recovers N28.5Bn from Debtors of Ailing Banks
Nigeria Deposit Insurance Corporation (NDIC) has recovered N28.48 billion from debtors of Deposit Money Banks in-liquidation as at December 31, 2017, according to Alhaji Umaru Ibrahim, managing…
- 17 May 2021
NIPOST Restates Commitment to Last-Mile Delivery
Nigerian Postal Service (NIPOST) has unveiled a new post office in Eredo Local Council Development Area (LCDA), Ilara, Lagos State, in its bid to ensure excellent last-mile delivery services to…
- 8 Sept 2021
NDIC Pays N118.71Bn to Bank Depositors — MD
Nigeria Deposit Insurance Corporation (NDIC) said it has paid N118.71 billion to both the insured and uninsured depositors of failed banks as of June this year. Bello Hassan, managing director/chief…
- 6 Mar 2022
NDIC Declares 100 Per Cent Dividends to 22 Banks in-Liquidation
Nigeria Deposit Insurance Corporation (NDIC) said that it has declared 100 per cent liquidation dividends to depositors of 22 Deposit Money Banks (DMBs) in-liquidation. Speaking at the NDIC special…
- 31 May 2022
CBN Mandates OFIs to Enroll in Credit Risk System by August1
Central Bank of Nigeria (CBN) has said the provisions of the regulatory guidelines for the redesigned Credit Risk Management System (CRMS) for commercial, merchant and non-interest banks issued on…
- 2 Aug 2019
Banks Lose N15.15Bn to Frauds in 2018- NDIC
The banking industry lost N15.15 billion to cases of fraud last year, indicating an increase of 539 per cent when compared to the N2.37 billion lost in 2017, according to Nigeria Deposit Insurance…
- 2 Mar 2026
House Queries NDIC: ₦5m Max Payout for Failed Bank Depositors
Nigeria Deposit Insurance Corporation (NDIC) pays between ₦2 million and ₦5 million as deposit insurance to customers of liquidated banks, Managing Director Thompson Oludare Sunday told the House…
- 6 Aug 2017
Banks’ Staff, Others Steal N2.4Bn -NDIC
Banks in Nigeria lost N2.4 billion to fraud and forgeries executed by staff in connivance with fraudsters in 2016, according to the Nigeria Deposit Insurance Corporation (NDIC), NDIC attributed the…
- 31 Oct 2023
NDIC Spends 120.2Bn in Failed Banks’ Claims Settlement
The Nigeria Deposit Insurance Corporation (NDIC), on Tuesday, revealed that cumulative payments to depositors, creditors and shareholders of banks in-liquidation as at June 30, 2023 stood at…
- 2 Nov 2023
NDIC to Shut Down Some Banks over Default, Blames Cabals for Failure
Nigeria Deposit Insurance Corporation (NDIC) is working on a winding-up rule that will allow it to take down failing institutions, according to Bello Hassan, managing director of NDIC. Hassan stated…
- 29 Nov 2023
NDIC Mulls Increase of Insurance Coverage Payment to Depositors Of DMBs, MFBs, PMIs
Depositors of liquidated Deposit Money Banks ( DMBs), Primary Mortgage Institutions ( PMIs), and Microfinance Banks ( MFBs) are to, enjoy a new threshold of maximum deposit insurance coverage…
- 26 Sept 2014
NDIC Reduces Insurance Premium for Banks
The Nigeria Deposit Insurance Corporation (NDIC) yesterday said it had approved the reduction of insurance premium paid by Deposit Money Banks from 0.5 per cent to 0.35 per cent. The new…
- 24 Jan 2015
NDIC Grants More Rebate on Insurance Premium for DMBs
Nigeria Deposit Insurance Corporation (NDIC) has further reduced the deposit insurance premium rate to all Deposit Money Banks (DMBs) in Nigeria as part of efforts toward contributing to financial…
- 2 May 2024
NDIC Increases Deposits Coverage Levels for Financial Institutions
The Nigeria Deposit Insurance Corporation (NDIC) Thursday announced increase in the maximum deposit insurance coverage levels for all licensed deposit-taking financial institutions with immediate…