The Nigeria Deposit Insurance Corporation (NDIC) has reported that it is in the process of refunding more depositors of microfinance banks whose licenses were recently revoked by the Central Bank of Nigeria (CBN). The NDIC has successfully returned a total of N1.2 billion to approximately 34,000 depositors who were affected by the closure of 179 microfinance banks across the country.
This follows the recent announcement by the NDIC, where it revealed that it had already disbursed N1.084 billion to 29,573 depositors of the closed microfinance banks and Primary Mortgage Banks (PMBs) in October. The number of depositors benefiting from these refunds has continued to rise as the process remains ongoing.
Bello Hassan, the Managing and Chief Executive Officer of NDIC, disclosed this latest update during an engagement with journalists at the 2023 Sensitization Seminar for Judges of the National Industrial Court of Nigeria and members of the Investments and Securities Tribunal in Port Harcourt, Rivers State on Tuesday.
Hassan, who was represented by Mustapha Ibrahim, the NDIC Executive Director for Operations, highlighted the importance of the seminar. He emphasized that the theme, “Strengthening depositors’ confidence in banks and other financial institutions through speedy dispensation of justice,” was aimed at fostering strategic partnerships and collaboration with the judiciary to enhance financial system stability in Nigeria.
The NDIC continues its commitment to safeguarding the interests of depositors and ensuring the financial stability of the country’s banking system.
