NDIC to customers: Report trapped deposits in failed banks

The Nigeria Deposit Insurance Corporation (NDIC) has urged bank customers whose deposits are trapped in any failed bank to report to the Corporation for details on how to recover their deposits.

At a special event organized yesterday by the NDIC at the ongoing Abuja International Trade Fair, the Managing Director and Chief Executive Officer of the NDIC, Alhaji Umaru Ibrahim, said the Corporation’s mission is to protect bank depositors and contribute to the stability of the financial system through guarantee, banking supervision, failure resolution and bank liquidation.

Represented by the Deputy Director, Strategy Development Department of the NDIC, Mr. S. Balogun, the MD told participants that by the end of last year, the Corporation had paid out a cumulative sum of N6.831 billion insured deposits to 528,277 depositors of 49 closed deposit money banks.

The Corporation also paid out a cumulative dividend of N94.737bn to 250,277 un-insured depositors of closed money banks within the period.

He called on bank customers to visit the NDIC pavilion at the ongoing Abuja Trade Fair and lodge their complaints of deposits trapped in failed banks.

Daily Trust

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