The Nigeria Deposit Insurance Corporation, NDIC, has paid N11.50 billion to depositors and other creditors of failed financial institutions in the country in 2017. Umaru Ibrahim, managing director, NDIC, said a full and final liquidation of dividends to depositors of the defunct Eagle and Financial Merchant Banks (in-liquidation), which increased the number of banks for which a final dividend of 100 percent had been declared to 16 in 2017.

During the NDIC Special Day at the Abuja International Trade Fair, Ibrahim, who was represented by Peter Hyelamzha, director, enterprise risk management, NDIC, said the corporation, in collaboration with the Central Bank of Nigeria, CBN, conducted an on-site and off-site supervision of 25 Deposit Money Banks, DMBs, and one Non-Interest Bank, NIB.

He said the supervision was extended to 1,008 Micro-finance Banks and 38 Primary Mortgage Banks, PMBs, using the Risk-Based Supervision, RBS, approach and Consolidated Risk Based Examination, CRBE, of three banks with holding companies, in a bid to ensure financial system stability in the country.

“The corporation continued to make strenuous efforts in its debt recovery drive, even in the face of all odds. Total recoveries from debtors of failed banks by the NDIC in 2017 amounted to N368.43 million, which brought cumulative recovery from debtors to N28.84 billion,” he said.

– Oct. 5, 2018 @ 14:35 GMT |