Corporation Pays Failed Banks’ Shareholders, Depositors Liquidation Dividends

Nigerian Deposit Insurance Corporation (NDIC) has paid depositors and shareholders liquidation dividends for the banks that failed 20 years ago.

This was made known by NDIC principal manager, Hajara Sule Imam, who represented the controller of the Kano Zone of the corporation at this year‘s World Savings Day.

At an interaction with newsmen in Kano yesterday, she said the NDIC had earmarked over N16 billion for the exercise and that most of the depositors and shareholders have been finally paid.

She explained further that some of the microfinance banks with insured deposits that were closed down recently have been paid and the process is still on.

“Recently, NDIC has earmarked about N16 billion to pay most of the depositors and even shareholders liquidation dividend for all the banks that failed about 20 years back.  We are finally paying most of them now.

“The microfinance banks that were closed recently and some of them that are insured have been paid. You know it is a process and is ongoing,“ she explained.

On the issue of unclaimed deposits, she explained that dealing with the banks that were closed down 20 years ago is a difficult task due to lack of proper information.

Sha said it was unlike the current system where all information about depositors could be reached through the Bank Verification Numbers (BVN).

She, however, noted that the basic information is used and advertised to the public to come up and claim their payments adding that they have achieved 90 percent success so far.

This year‘s event with the theme, “Conquer the World Through Savings“, was hosted at Government Girls College Dala, Kano with the intention of inducing financial discipline and planning in the younger generation.