They said the charges were discouraging and unnecessary.
NDIC said the payment of the insured sum had been ongoing, and it had continued to pay the depositors their insured sum.
NDIC says it has paid 82.36 per cent of depositors with above N5 million as insured sum in the defunct Heritage Bank.
The action we are taking today reflects our continued commitment to take all necessaryeps to ensure the safety and soundness of our financial system.
A bill to amend the Nigeria Deposit Insurance Corporation (NDIC) Act has scaled second reading in the Senate.
Mr Hassan recalled that the Central Bank of Nigeria (CBN) revoked the licences of 183 microfinance banks and primary mortgage banks.
NDIC has established a special desk at EFCC to strengthen the investigation and prosecution of parties responsible for bank failures.
NDIC says it paid N1.39 billion to 36,163 depositors of 110 closed microfinance banks and three primary mortgage banks.
NDIC says N16 billion was paid in liquidation dividends to depositors, creditors and shareholders of banks in liquidation in the past 20 years.
He said banks often approve and disburse loans to subnational governments without fully adhering to the provisions of the FRA.
