|NDIC disburses N2bn to 71,000 closed MFB depositors, Monday, 02 Apr 2012|
(The Punch) The Nigerian Deposit Insurance Corporation has said it has disbursed N2bn to 71,000 depositors of 103 closed microfinance banks in the country. The Managing Director of the corporation, Alhaji Umaru Ibrahim, announced this on Saturday at the NDIC Special Day at the ongoing 23rd Enugu International Trade Fair. Ibrahim, who was represented by the Controller, South-East, NDIC, Mr. Gidado Sambo, said arrangements had been made to transfer the payment of the depositors to eight agent banks across the country. The News Agency of Nigeria reports that the banks are First Bank of Nigeria Plc, Access Bank Plc, Unity Bank Plc, Mainstreet Bank Limited, Union Bank of Nigeria Plc, Wema Bank Plc, United Bank for Africa Plc and Zenith Bank Plc. The managing director also disclosed that the corporation had paid N3.3bn out of the N5.2bn insured deposits of 35 deposit money banks that had been liquidated since 1994. "We also paid N6.1bn out of the N11.5bn liquidation dividend that was declared to depositors of the 35 deposit money banks," he said.
Ibrahim said that in order to enhance public confidence, the NDIC board had increased the deposit insurance coverage level from N200,000 and N100,000 to N500,000 and N200,000 respectively for deposit money banks and MFBs. According to him, the new coverage level was used to settle depositors of the 103 MFBs closed in 2010. He said NDIC had mapped out strategies to enhance public awareness of its mandate and activities. The strategies, according to him, include the development of a website and establishment of toll-free 24-hour help desk. Ibrahim commended the organisers of the fair, saying that it would help in attaining the transformation agenda of President Goodluck Jonathan. In his remarks, the President, Enugu Chamber of Commerce, Industry, Mines and Agriculture, Dr.. Theo Okonkwo, commended NDIC for the role it played in protecting depositors' funds.
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