NDIC paid N100bn liquidation dividends in 30 years – MD

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The Nigeria Deposit Insurance Corporation has said it has paid over N100bn as liquidation dividends to depositors of closed Deposit Money Banks in the last 30 years.

It said the amount was in excess of the insured deposits.

NDIC Managing Director, Alhaji Umaru Ibrahim, disclosed this on Saturday in Sokoto during the corporation’s 30th anniversary celebration organised by the Sokoto Zonal Office.

News Agency of Nigeria reported that Ibrahim, who was represented by Alhaji Hashim Ahmad, said the total liquidation dividends declared by the corporation for shareholders of DMBs-in-liquidation stood at over N4bn.

He said, “To date, the NDIC has paid the cumulative sum of over N8.25bn as insured amount to 442,999 depositors of closed DMBs. The sum of over N100bn has been paid by the corporation as liquidation dividend to depositors of closed DMBs with amount in excess of insured deposits.

“Also, the corporation had paid a cumulative sum of over N2.97bn to 83,415 depositors of Microfinance Banks in the system.”

He said in the past 30 years, the corporation has not only discharged its role as an active player in the Nigerian financial safety-net, it also guaranteed the funds of depositors up to the maximum limit stipulated under its enabling Act.

Sokoto State Deputy Governor, Alhaji Mannir Dan’iya, represented by the Commissioner for Environment, Alhaji Sagir Bafarawa, pledged the state government’s continuous support to the corporation.

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