Reprieve For Failed Banks’ Customers As NDIC Begins Payment Of Uninsured Deposits

The Nigeria Deposit Insurance Corporation will soon begin the payment of liquidation dividends to depositors of the 14 failed banks that their licenses were revoked by the Central Bank of Nigeria.

The Corporation confirmed the impending payment on Sunday in a statement by the Director, Communication and Public Affairs Department, Bashir Nuhu.

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The statement listed the banks as City Express Bank, All States Trust Bank, Allied Bank, Commerce Bank, North South Bank, Cooperative and Commerce Bank and Nigeria Merchant Bank.

Others are Hilltop Microfinance Bank, Olomoyoyo MFB, Evo MFB, Ngwegwe MFB, Bekwarra MFB, Argungu MFB and Edet MFB.

The Corporation stated that, while stakeholders of eight closed banks are to receive their first round of liquidation dividend payments, those of the other six are to be paid additional sums due to them as part of their liquidation dividends.

To ensure a smooth process of the payment, the NDIC advised eligible stakeholders of the banks to visit the Corporation’s offices nationwide for the verification of their claims or do so on the Corporation’s website.

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The statement came just as the Corporation has commenced verification of depositors of 22 MFBs whose operating licences were recently revoked by the Central Bank of Nigeria.

The verification exercise is aimed at paying the insured sums to eligible depositors.

Depositors of the affected MFBs have been advised to visit the closed banks’ addresses where their claims would be verified by the NDIC’s officials.

They are also to visit the Corporation’s website for the list of the banks and to verify their claims.

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