The Nigeria Deposit Insurance Corporation has commenced the payment to depositors of 154 Micro Finance Banks. The licences of the bank were revoked by the Central Bank of Nigeria revoked in 2018 due to insolvency.The Managing Director of NDIC, Umaru Ibrahim, at the corporation’s day at the ongoing 14th edition of Abuja International Trade Fair, said that the payment has been extended to depositors of six Primary Mortgage Banks
The NDIC boss was represented at the event by the Director of Research, Mustapha Ibrahim. The event, scheduled for September 21 to September 29 is themed “Remodeling SMEs Financing: Option and Solutions’’.
Umar Ibrahim said that in the last quarter of 2018, the CBN revoked the licences of 154 MFBs and six PMBs due to their insolvency and corporate governance issues.
“Hence, the corporation successfully liquidated the failed banks and has commenced payment to the depositors of the failed banks,’’ Ibrahim said.
He added that the corporation had investigated and mediated to address complaints from bank customers on various issues that affected them.
“As at June 30, the corporation received 35 petitions/complaints from banks customers on various issues such as ATM frauds, unauthorized funds transfer and cheques-related issues.
“Investigations were carried out and where necessary, customers were appropriately reprieved,’’ he said.
