The Nigerian Deposit Insurance Corporation (NDIC) says N16 billion was paid in liquidation dividends to depositors, creditors and shareholders of banks in liquidation in the past 20 years.

Hajara Imam, the NDIC principal manager in the Kano zonal office, stated this at the 2023 World Savings Day.

She said the corporation earmarked over N16 billion for the exercise, explaining that most of the depositors and shareholders had been fully paid.

Ms Imam said some microfinance banks with insured deposits recently closed were being paid and that the process was ongoing.

“Recently, NDIC has earmarked about N16 billion to pay most of the depositors and even shareholders liquidation dividends for all the banks that failed about 20 years back. We are finally paying most of them now,” stated Ms Imam. “The microfinance banks that were closed recently, some of them that are insured have been paid. You know, it is a process and is ongoing.”

On unclaimed deposits, Ms Imam noted that dealing with the banks closed down 20 years ago was a difficult task due to lack of proper information.

“It is unlike the current system where all information about depositors could be reached through the Bank Verification Numbers (BVN). However, the basic information is used and advertised to the public to come up and claim their payments,” she said.

The NDIC principa manager in Kano added that the exercise had so far achieved about 90 per cent success.

The event with the theme ‘Conquer the World Through Savings’ held at the Government Girls College Dala, Kano, was designed to instil financial discipline and planning in the younger ones.

(NAN)