NDIC reveals payments to depositors of 20 failed banks to hit N61.63 billion

The depositors, creditors, and shareholders of 20 liquidated banks are expected to get about N61.63 billion as paid liquidation dividends, according to the NDIC.

A statement from the Nigeria Deposit Insurance Corporation (NDIC) on Monday, disclosed that about N45.45 billion had been paid as of July 2023.

The statement, which was signed by the NDIC’s Director of Communication and Public Affairs, Bashir Nuhu, also disclosed that the Corporation has an additional N16.18 billion in liquidation dividends to be paid to depositors, creditors, and shareholders of the 20 banks in liquidation.

According to the NDIC, the 20 banks were closed due to the revocation of their operating licenses by the Central Bank of Nigeria (CBN) between 1994 and 2018.

The statement reads, “The general public should be aware that the NDIC has fulfilled its commitment by paying the guaranteed sums owed to depositors. Additionally, the Corporation has made cumulative payments of liquidation dividends totalling N45.45 billion as of July 2023, representing amounts exceeding the guaranteed sums to depositors of the 20 banks.

“In light of further recoveries from debtors of the liquidated banks, the Corporation has announced an additional N16.18 billion in liquidation dividends to be paid to depositors, creditors, and shareholders of the 20 banks in liquidation.”