NDIC wants Nigerians with funds trapped in 20 failing commercial banks to come and get their money, process reveals

  • Nigerians who have savings in 20 failing commercial banks now have the option of recovering their funds.
  • The NDIC guaranteed that no customer funds would be lost and that anyone filing a claim should provide identification
  • One of the major concerns of Nigerians with bank accounts is the safety of their funds

The Nigeria Deposit Insurance Corporation (NDIC), a parastatal under the Nigerian Ministry of Finance, recovered customer deposits from 20 failed banks.

Bello Hassan, Managing Director/CEO of NDIC disclosed this during a speech at the Abuja International Trade Fair.

Leadership reports that Hassan described the recovery as the NDIC fulfilling its promise to protect depositors in the event of bank failures.

Banking hall in Lagos Credit: Dailytrust

The Director General of the NDIC, who was represented by Director of Business Services, Nuhu Bashi, also pledged to fully pay consumers who come forward to claim their money held in banks.

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His words:

“The implication of this is that through our relentless liquidation activities, the company has realized sufficient funds to pay all bank depositors in full.”

List of Failed Banks in Nigeria

The banks involved are ABC Merchant Bank Limited; Allied Bank of Nigeria; Photo by Alpha Merchant Bank; Friendly Bank of Nig. Limit; Commercial bank; Commercial Trust Bank Limited; Continental Merchant Bank Photo: Cooperative & Commerce Bank Plc and Eagle Bank; Financial Merchant Bank Limited.

Others are Icon Limited (Merchant Bank); Ivory Merchant Bank; Capital Merchant Bank Limited; Merchant Bank of Nig. Plc. ; Merchant Bank of Africa Limited; Nigeria Merchant Bank Plic. ; Pan African Bank Limited; Premier Commercial Bank Limited; Progress Bank of Nigeria; and Rims Merchant Bank Limited.

What should customers of failing banks do?

The NDIC has called on depositors, creditors and shareholders of listed closed banks to avail themselves of verification platforms provided by the Company to claim their funds, The Guardian reports.

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Hasan says:

“Notices have also been sent to creditors of seven depository banks (DMBs) in liquidation as well as depositors and former staff of two micro-finance banks (MFBs) and one main mortgage bank (PMBs) to that they come forward for settlement of their funds trapped in failing banks.

“Affected individuals are free to physically go to one of the company’s nearest offices or use the NDIC online application or visit the complaints page on our website: www.ndic.gov. ng, to expedite the processing of their complaints.”

Zenith and Gtbank Top List of Nigeria’s Most Valuable Banks

Meanwhile, a previous report by Legit.ng show Zenith Bank kicked off 2022 as Nigeria’s Most Valuable Commercial Bank.

Guaranty Trust Bank is the second most valuable bank, followed by Stanbic IBTC Holdings to complete the top three most valuable banks.

Furthermore, the aggregate market capitalization of all the banks examined increased by 46.6 trillion naira to 3.84 trillion naira.

Source: Legit.ng

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