Get real time updates directly on you device, subscribe now.
The Nigeria Deposit Insurance Corporation says it has liquidated at least 500 deposit money, microfinance, and primary mortgage banks whose licences were revoked by the Central Bank of Nigeria.
The corporation also disclosed that it was currently settling the liquidation dividends of depositors of the banks.
Galadima Gana, the Director, Insurance and Surveillance Department of the NDIC, revealed this at the 2021 Financial Correspondents Association of Nigeria workshop on Friday in Ibadan.
According to Mr Gana, the corporation had closed 325 MFBs, 50 PMBs, and 49 DMBs whose licences were revoked by the CBN with minimal effects on the stability and confidence in the banking sector.
Mr Gana also mentioned that NDIC had cumulatively paid N8.27 billion to insured depositors of DMBs, N3.38 billion to insured depositors of MFBs, and N11 billion to insured depositors of PMBs.
Related Posts
He stated that the payment to uninsured depositors, creditors, and shareholders of DMBs cumulatively stood at N100.85 billion, N1.27 billion, and N4.83 billion, respectively.
He said this represented 51.07 per cent, 73.13 per cent and 92.81 per cent of the respective amounts.
