By Merit Ibe
The Nigeria Deposit Insurance Corporation (NDIC) has called on depositors of 20 closed banks in which it has declared full liquidation dividends to come forward for verification and payment of their deposits that are in excess of the guaranteed sums.
Managing Director and Chief Executive, NDIC, Bello Hassan, made the call yesterday at the ongoing Lagos International Trade fair organised by the Lagos Chamber of Commerce and Industry (LCCI), where he noted that by discharging its public policy objective of protecting depositors and offering a measure of safety for the banking system, the corporation offers a strong backbone to the payment system to connect businesses and help them create values that impact lives of the citizenry and the nation.
“It is to this end that the corporation was established as a critical component of the nation’s financial system safety net with the broad mandate of deposit guarantee, banking supervision, failure resolution and bank liquidation.”
He noted that the corporation has recorded a significant achievement in the area of bank liquidation.
The affected banks are “ABC Merchant Bank Limited;, Allied bank of Nigeria; Alpha Merchant Bank Plc; Amicable bank of Nigeria Ltd; Commerce Bank; Commercial Trust Bank Ltd; Continental Merchant Bank Ltd; Cooperate and commerce bank PLC; Eagle bank; Financial merchant bank Ltd; Icon Ltd (Merchant Bank); Ivory Merchant Bank; Kapital Merchant Bank Ltd; Mercantile Bank of Nig Plc; Merchant Bank of Africa Ltd; Nigeria Merchant Bank Plc ; Pan African Bank Ltd; Premier Commercial bank Bank Ltd; Progress Bank of Nigeria and Rims Merchant Bank Ltd.
“The implication of this is that through our dogged liquidation efforts, the corporate has realised enough funds to pay all depositors of the listed banks.”
He said the banks can visit any of the corporation’s nearest offices, physically or utilise the NDIC online app or visit the claims page on the their website: www.ndic.gpv.ng to expedite processing of their claims.
Hassan noted that “Our staff have commenced verification of depositors of post service savings & loans (In liquidation) at the premises of the defunct bank nationwide in preparation towards settlement of their claims.”
In his address, President of the chamber, Michael Olawale-Cole , pointed out the development in the Nigerian banking sector as global financial stability risks have increased amid a series of cascading shocks.
“It is important to note that the current global environment has exposed the increasing relevance of the deposit insurance in stabilising turbulent banking systems and a buffer for financial system stability.”
He said there is no doubt that the NDIC plays a central role in the maintenance of stability and public confidence in the nation’s financial system.