Nigeria Deposit Insurance Corporation pays N101.5 billion to failed bank depositors

Depositors of failed banks have been paid the sum of N101.5 billion by the Nigeria Deposit Insurance Corporation NDIC according to the Managing Director Alhaji Umaru Ibrahim yesterday. He said, the amount represented insured deposits which stood at N 6. 831 billion and uninsured deposits of N 94. 737 billion, as at the end of December last year.NDIC had paid out a cumulative sum of N6.831 billion insured deposits 528,277 depositors of 49 closed deposit money banks. The Corporation had paid a cumulative liquidation dividend of 94.737 billion to 250,592 un-insured depositors of 49 closed DMBs as at December 31st 2014. Also, the Corporation ad declared in full, a final liquidation dividend of 100 percent of total deposits in 14 failed banks out of the 49 closed DMBs while payments are on- going for the depositors of failed MFBs and PMBs.” He also called on members of the public who had deposits in failed banks to visit NDIC pavilion for information on how to retrieve the funds.