From Uche Usim, Abuja
For the umpteenth time, the Nigeria Deposit Insurance Corporation (NDIC) has advised depositors of liquidated financial institutions to come forward with relevant documents to receive their entitlements as prescribed by law.
The Managing Director of the Corporation, Mr Bello Hassan, made the call in Abuja on Thursday at the ongoing 17th Abuja International Trade Fair.
Hassan, who was represented by the Corporation’s Spokesman, Mr Bashir Nuhu, reiterated that depositors of money market operators, Deposit Money Banks and Primary Mortgage Banks are insured up to a maximum limit of N500,000 per depositor per bank, while those of Micro Finance Banks (MFBs) are guaranteed up to a maximum limit Of N200,000 per depositor per bank.
“The Corporation has also recorded similar giant strides in its other mandates which time will not permit us to delve into here.
“Corporation repeated its call to depositors of twenty closed banks in which it has declared full (i.e. 100%) liquidation dividends to come forward for verification and payment of their deposits that are in excess of the guaranteed sums. “The affected banks are ABC Merchant Bank Limited; Allied Bank of Nigeria; Alpha Merchant Bank Pic.; Amicable Bank of Nig. Limited; Commerce Bank; Commercial Trust Bank Limited; Continental Merchant Bank Plic.; Cooperative & Commerce Bank Pic.; Eagle Bank; Financial Merchant Bank Limited; Icon Limited (Merchant Bank); lvory Merchant Bank; Kapital Merchant Bank Limited; Mercantile Bank of Nig. Pic.; Merchant Bank of Africa Limited; Nigeria Merchant Bank Plc.; Pan African Bank Limited; Premier Commercial Bank Limited; Progress Bank of Nigeria; and Rims Merchant Bank Limited.
“The implication of this is that, through our dogged liquidation activities, the Corporation has realised enough funds to fully pay all depositors of the banks. Similar Notices were also sent to Creditors of seven DMBs in-liquidation as well as depositors and ex-staff of two MFBs and a PMB, details of which are still available on our website and social media handles”, he explained.
In his remarks at the event, the President of Abuja Chamber of Commerce and Industry, Dr Al-Mujtaba Abubakar, who was represented by ACCI Vice President Finance, Alhaji Usman Balarabe said the Trade Fair provides unique opportunities for manufacturers to communicate with product end users, handle customer complaints, and reward brands, thereby promoting businesses.
He described NDIC’s day at the trade fair as an indication of the government and your corporation commitment to the digitization of the economy for the use of technology across various sectors of the economy.
“I must commend the NDIC for the proactive policies that have made Nigerian banks resilient, by being safe, stable and sound in spite of the challenges posed by the COVID 19 pandemic. Thereby resulting in improvement on return on assets (ROA), return on equity (ROE) as well as yield on earnings and profitability.
“As a voice for the business community, we urge for a sustained relationship through policy advocacy especially against Ponzi schemes and ‘Wonder banks’ that tends torob unsuspecting Nigerian off their hard-earned money”, he stated.