By Omodele Adigun
The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, has called on the depositors of liquidated banks to come forward and claim their entitlements as the Corporation has so far expended N100billion in paying the customers.
Ibrahim, who stated this during the special day of the Corporation at the just-concluded Lagos International Trade Fair, urged Nigerians to take the advantage of several incentives to save and have access to financial services.
His words: “The requirements to open a bank account are easy to meet. Banking enables a depositor to save and enjoy services such as ATM transactions, mobile banking and mobile money products.
“Depositor is also guaranteed of his or her savings in the event of bank failure up to the maximum account balance of N500,000 in a commercial/merchant/mortgage bank and N200,000 in a microfinance bank. Apart from paying the insured deposits in the event of bank failure, the corporation does not ignore the uninsured deposits. NDIC deploys all legal means to recover loans of failed banks. The Corporation sells assets of such banks and the proceeds are distributed as liquidation dividend among the uninsured depositors.
“Through this means, the Corporation has paid over N100billion to depositors of liquidated banks. We implore those depositors who have not responded to our calls to come forward to collect their insured deposits and liquidation dividends already declared for uninsured deposits.”
In her opening remarks, the President of Lagos Chamber of Commerce & Industry (LCCI), Mrs Nike Akande, commended the efforts of NDIC on their supervisory and regulatory functions in the financial sector. Represented by Mr Paul Ruwase, the Deputy President, Akande noted that Nigerian banks were safer and secured through the commitment of NDIC.
She equally lauded the corporation’s review of the maximum insurance deposit coverage which currently stands at N500,000 for licensed banks from N50, 000 in 1998. This is a milestone economic reality and it should be a continuous review exercise,” she added.