NDIC to pay customers of liquidated bank N2bn

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NDIC
NDIC

THE Nigeria Deposit Insurance Corporation, NDIC, has said that the Central Bank of Nigeria, CBN, has released N2 billion to pay depositors of liquidated troubled Fortis Microfinance Bank, FMB. NDIC said it liquidated the microfinance bank to protect the interest of the depositors.

In a statement on Wednesday, August 12, the NDIC said the bank went into distress because of mismanagement and abysmal corporate governance practices. It said there was no cause for anxiety by depositors of Fortis MFB because the NDIC had realised assets to pay in full the deposits of the customers of 19 banks previously liquidated.

The corporation also explained that the liquidation of Fortis MFB is ongoing and efforts are being made to enable the NDIC to pay depositors with funds in excess of the insured limits. The corporation made the clarifications in a statement by its Director for Communication and Public Affairs, Sunday Oluyemi, against the backdrop of fears by some depositors.

One of the depositors, Uju Ohanenye, alleged that N222.4 million out of the fixed deposit of N301million in Fortis MFB was still trapped. But the NDIC said it will protect the interest of all depositors.

– Aug. 14, 2020 @ 16.25 GMT |

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