NDIC vows speedy payment to depositors of closed banks
The Nigeria Deposit Insurance Corporation (NDIC), yesterday said it had enhanced speedy payment of insured sums to depositors of closed banks.
Daily Trust on Sunday reports that the NDIC recently said it planned to recover over N400billion debt from financial institutions in liquidation in order to pay deposit insurance claims.
However, the managing director/ chief executive officer of the corporation, Bello Hassan, during a media parley in Lagos yesterday, said the introduction of the Single
Customer View (SCV) framework had enhanced speedy payment of insured sums to depositors of closed banks.
He noted that collaboration with the bar and bench had also led to speedy prosecution and more informed judgements on failed bank cases, including resolution of longdrawn cases.
He said the NDIC had also put in place policy and framework for out-of-court settlement, which had enabled it to resolve some hitherto protracted failed bank litigations.
“In complimenting the consumer protection efforts of the Central
Bank of Nigeria (CBN), we have enhanced public awareness on deposit insurance and financial literacy to reduce the rate at which small depositors are being defrauded, thereby enhancing confidence in the banking system.
“We have invigorated our liquidation activities and greatly increased debt recovery rate leading to the declaration of 100 per cent liquidation dividends to uninsured depositors of over 20 deposit money banks in-liquidation, as well as payments to other stakeholders, such as creditors, ex-staff and shareholders,” he said.