NDIC Appeals to Depositors of Liquidated Banks to Claim Funds

James Emejo and Anwuli Umunna in Abuja

The Managing Director/Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, yesterday made a passionate appeal to depositors, creditors and shareholders who have money in some of the liquidated banks to claim their funds.
He said the corporation had made repeated calls to depositors of 20 closed banks in which it had declared full liquidation dividends to come forward for verification and payment of their deposits that are in excess of the guaranteed sums.

Speaking at the NDIC Special Day at the ongoing 17th International Trade Fair, themed: “Creating an Export Ready Market through SME Digitalisation,” which was organised by the Abuja Chamber of Commerce and Industry (ACCI), Hassan said, “I, therefore, like to once again call on depositors, creditors and shareholders of the listed closed banks to avail themselves of the verification platforms provided by the corporation to claim their funds.”
He said those who are unable to travel to its offices could also take advantage of its online App to claim their monies.

Some of the affected banks include ABC Merchant Bank Limited; Allied Bank of Nigeria; Alpha Merchant Bank Plc.; Amicable Bank of Nig. Limited; Commerce Bank; Commercial Trust Bank Limited; Continental Merchant Bank Plc.; Cooperative & Commerce Bank Plc and Eagle Bank among others.

Represented by NDIC Director, Communication and Public Affairs Department, Mr. Bashir Nuhu, Hassan said, “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 further noted that the essence of the corporation’s participation in the exhibition over the years was to continuously sensitise depositors, other stakeholders, and the public about the existence of the Deposit Insurance Scheme (DIS), its benefits, and its limitations.
This, he said, was, “important to us since the populace confidence in the financial system can only be enhanced when they are aware that their deposits are protected and that in the unlikely event of failure of their banks, there is an agency of government that would always have their back.”

According to the NDIC MD, the corporation protects depositors through the discharge of its mandate in four critical ways namely by guaranteeing payment in the event of bank failure; supervising the banks in conjunction with the Central Bank of Nigeria (CBN) to ensure that they are run in an efficient manner in line with extant laws and regulations; resolving distress to reduce instances of failure, and through orderly and efficient liquidation of failed banks to prevent disruptions to the payment system.

He maintained that NDIC had been effectively and efficiently discharging its mandates from inception till date, living up to its public policy objectives of contributing to financial system stability.

He also congratulated the executives and members of the chamber on yet another feat attained in its onerous efforts at supporting the government in promoting trade and investment across all sectors of the nation’s economy.

He noted that the theme bears eloquent testimony to the alignment of the ACCI’s vision and programmes to the agenda of the government in this regard.