ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Tuesday, March 9, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
NDIC pays 71,000 depositors of closed micro finance banks

Nigerian Deposit Insurance Corporation

NDIC pays 71,000 depositors of closed micro finance banks

April 1, 2012
1 min read

RelatedNews

Report highlights challenges African countries face in achieving UHC

Ogun receives 50,000 doses of COVID -19 vaccines

EPL: Tuchel sets record with Chelsea win over Everton

PTMusic: Teni’s “FOR YOU” spends third consecutive week at No. 1 spot

ADVERTISEMENT

The Nigerian Deposit Insurance Corporation (NDIC) says it has disbursed N2 billion to 71,000 depositors of the closed 103 Micro Finance Banks (MFBs) in the country.

The Managing Director of the corporation, Umaru Ibrahim, announced this on Saturday at the ‘NDIC Special Day’ at the ongoing 23rd Enugu International Trade Fair.
Mr. Ibrahim, represented by the Controller, South East, Mr Gidado Sambo, said arrangements had been made to transfer the payment of the depositors through eight agent banks across the country.
The banks are First Bank, Access Bank, Unity Bank, Mainstreet Bank, Union Bank, Wema Bank, UBA and Zenith Bank.
The NDIC boss also disclosed that the corporation had paid N3.3 billion out of the N5.2 billion insured deposits of 35 deposit money banks that were liquidated since 1994.
“We also paid N6.1 billion out of the N11.5 billion liquidation dividend that was declared to depositors of 35 deposit money banks,’’ he said.
Mr. Ibrahim said that in order to enhance public confidence, the board increased the deposit insurance coverage level from N200,000 and N100,000 to N500,000 and N200,000 respectively for deposit money banks and MFBs.
According to him, the new coverage level was used to settle depositors of the 103 MFBs closed in 2010.
The chief executive officer said the NDIC had mapped out strategies to enhance public awareness of its mandate and activities.
They include the development of a website and establishment of toll-free 24-hour help desk.
He commended the organisers of the fair, saying that it would help in attaining the transformation agenda of President Goodluck Jonathan.
In his remarks, the ECCIMA President, Theo Okonkwo, commended NDIC for the role it played in protecting depositors’ funds.
Mr. Okonkwo, however, urged the corporation to increase the compensation paid to depositors of distressed bankers.
He also urged the CBN to ensure that the rate of failed banks was reduced to save depositors from going through harrowing experience.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...



JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

The shameless sex-for-grade lecturers of Sokoto State Polytechnic By Amiru Adamu

Next Post

New York Times puts Okonjo-Iweala ahead of Obama's choice

More News

Naira and Dollars

Naira falls as CBN introduces forex promo

March 8, 2021
Nigerian Stock Exchange

Nigerian stocks make shaky recovery after one week in red

March 8, 2021
Central bank of Nigeria (CBN)

MAN, LCCI, experts speak on CBN’s Naira for Dollar policy

March 8, 2021
Senate wants lower Naira notes changed to coins

Bureau De Change operators want more action to support Naira

March 8, 2021
MTN Nigeria office

MTN Group appoints another Nigerian to top position

March 8, 2021
African Development Bank (AfDB)

AfDB approves $1.3 million research grant to aid financial inclusion in Nigeria, two others

March 8, 2021
Next Post
New York Times puts Okonjo-Iweala ahead of Obama's choice

New York Times puts Okonjo-Iweala ahead of Obama's choice

Dimensions of the "Aso Ebi" democracy By Adeolu Ademoyo

Dimensions of the "Aso Ebi" democracy By Adeolu Ademoyo

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


Access Bank Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,630,578 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
    • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.