The Nigeria Deposit Insurance Corporation (NDIC) has commenced payment of insured deposits to customers of the 46 microfinance banks whose operating licences were revoked by the Central Bank of Nigeria (CBN), while intensifying efforts to recover loans and dispose of assets to reimburse depositors whose balances exceed the insured limit.
Thompson Oludare Sunday, managing director and chief executive officer of the NDIC, disclosed this on Wednesday in Lagos at a retreat organised for members of the House of Representatives Committee on Insurance and Actuarial Matters, themed “Strengthening the Financial Safety Net in an Era of Banking Sector Recapitalisation and Fintech Innovation.”
Speaking with journalists on the sidelines of the event, Sunday said the Corporation had immediately commenced the liquidation process after the CBN revoked the licences of the microfinance banks and appointed the NDIC as provisional liquidator.
“We’ve started paying depositors of those banks, and gradually, we intend to cover all the insured depositors,” he said.
He explained that beyond reimbursing insured depositors, the Corporation was pursuing outstanding debts owed to the failed institutions and disposing of their assets to enable payment of depositors with balances above the insured limit.
