The agency in charge of protecting the money you deposit in the bank, the Nigeria Deposit Insurance Corporation, NDIC seems to be diligently doing its work.

The Managing Director/Chief Executive of the corporation, Umaru Ibrahim, announced on Tuesday that the agency has paid 11.50 billion naira to depositors, creditors, shareholders and other stakeholders of closed financial institutions as at December 31, 2017.

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He also said the sum of 368.43 million naira was recovered by the corporation from debtors of failed banks during the period under review, bringing the total recoveries to 28.84 billion naira to date.

The NDIC boss further noted that 21.85 billion naira had so far been realised from the sale of physical assets of closed banks as at 2017.

He also said depositors of 16 deposit money banks (DMBs) in-liquidation have so far been fully paid all the deposit balances they had in their accounts at the closure of the financial institutions as at 2017.

Speaking during the NDIC Special Day at the ongoing 13th Abuja International Trade Fair, Ibrahim said in a bid to ensure financial system stability in the country, the NDIC in partnership with the Central Bank of Nigeria (CBN) had conducted on-site and off-site supervision of 25 Deposit Money Banks, one non-interest bank, 1,008 microfinance banks (MFBs) and 38 primary mortgage banks (PMBs) using the risk-based examination of three banks with holding companies.

He added that as a risk minimiser, the corporation in collaboration with the CBN, exists to protect depositors’ funds through effective supervision of banks as well as timely resolution of distressed financial institutions “like we saw in the case of the defunct Skye Bank and the establishment of Polaris Bank to assume it’s assets and liabilities”.

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