Oct. 22, 2021

The Nigeria Deposit Insurance Corporation (NDIC) says it has successfully closed 325 MFBs, 50 PMBs and 49 DMBs whose licenses were revoked by the CBN with minimal diverse effect on the stability and confidence in the banking sector.

Mr. Galadima Gana, the Director, Insurance and Surveillance Department of the NDIC, said this at the 2021 Financial Correspondents Association of Nigeria (FICAN) workshop in Ibadan on Friday.

He said that NDIC had cumulatively paid N8.27billion to insured depositors of DMBs, N3.38billion to insured depositors of MFBs and N11billion to insured depositors of PMBs, representing 60.71 per cent, 46.94 per cent and 18.10 per cent of the insured amounts, respectively.

He said that the payment to uninsured depositors, creditors and shareholders of DMBs cumulatively stood at N100.85bn, N1.27billion and N4.83billion, respectively.

This, he said represents 51.07 per cent, 73.13 per cent and 92.81 per cent of the respective amounts. (NAN)