By Tony Obiechina, Abuja

The Nigeria Deposit Insurance Corporation (NDIC) says it has paid a total of N11.83 billion to over 443,949 insured depositors and over N101.37 billion to uninsured depositors of all categories of banks as at June 2022.

Managing director of NDIC, Bello Hassan disclosed this at a workshop organized o by the Corporation for financial journalists in Portharcourt on Monday.

The NDIC bank liquidation mandate entails reimbursement of insured and uninsured depositors, creditors, and shareholders of banks in liquidation.

“The liquidation activities, as of June 30, 2022, covered a total of 467 insured financial institutions in liquidation, comprising 49 Deposit Money Banks (DMBs), 367 Microfinance Banks (MFBs), and 51 Primary Mortgage Banks (PMBs) and out of the 49 DMBs in liquidation, the Corporation in September 2022 declared 100 per cent liquidation dividend in 20 of those institutions, meaning that the Corporation has realized enough funds from their assets to fully pay all depositors of the listed banks.

“As of June 30, 2022, the NDIC provided deposit insurance coverage to a total of 981 insured financial institutions.

The breakdown includes 33 DMBs made up of 24, commercial banks, six Merchant Banks and three Non-Interest Banks (NIBs) plus two Non-Interest windows; 882 Microfinance Banks (MFBs); 34 Primary Mortgage Banks (PMBs); three Payment Service Banks (PSBs) and 29 Mobile Money Operators,” he explained..

Three papers were presented on the first day of the workshop namely, “Rising Ponzi Scheme and Investment Scam in Nigeria What We need to know; Understanding the role of premium contribution in an asante funding Deposit Insurance System; and The role of the media in addressing emerging issues in the banking industry”.