By Mustapha Sumaila
The Nigeria Deposit Insurance Corporation (NDIC), says it has liquidated 427 financial institutions as at December 2019.
Mr John Abiodun, the Assistant Director, Insurance and Surveillance Department, NDIC, said this at the 2020 Finance Correspondents Association of Nigeria (FICAN) Annual General Meeting (AGM) and Forum in Abuja.
Abiodun explained that the liquidated institutions comprised 51 Deposit Money Banks (DMBs), 325 Micro Finance Banks (MFBs) and 51 Primary Mortgage Banks (PMBs).
He said through efficient and diligent liquidation activities, the corporation had successfully paid in full the deposits of the customers of 18 DMBs both insured and unsured ones.
The assistant director said payment to depositors of Fortune International Bank, Triumph Bank and Peak Merchant Bank was put on hold as at end of 2019 due to litigation challenging the revocation of their operating licenses.
“You will recall that the Central Bank of Nigeria…
Source: News Agency of Nigeria
