Breaking: NDIC Swears to Pay Closed Bank Customers Quickly!

The Nigeria Deposit Insurance Corporation (NDIC) has declared its commitment to ensuring speedy payments to customers affected by closed banks. Their focus lies in enhancing the swift disbursement of insured sums to these depositors.

In a recent statement, the NDIC disclosed plans to recover debts surpassing N400 billion from financially struggling institutions in liquidation. This move aims to facilitate payments for deposit insurance claims.

Moreover, the NDIC emphasized the implementation of a policy and framework for out-of-court settlements. This initiative successfully resolved long-pending litigations related to failed banks, bolstering the corporation’s efforts.

Highlighting their dedication to consumer protection, the NDIC has amplified public awareness regarding deposit insurance and financial literacy. This proactive measure seeks to curtail instances of small depositors falling victim to fraud, ultimately fostering greater trust in the banking system.

Furthermore, the corporation has revitalized its liquidation processes, significantly elevating the rate of debt recovery. This initiative resulted in the declaration of 100% liquidation dividends for uninsured depositors across more than 20 banks undergoing liquidation. Additionally, various stakeholders, including creditors, former staff, and shareholders, received payments as part of this concerted effort.