The Nigeria Deposit Insurance Corporation (NDIC) has secured a court order to complete the shutdown of 96 out of 183 microfinance and primary mortgage banks.
The affected banks’ licenses were revoked by the Central Bank of Nigeria (CBN) in May 2023.
Bello Hassan, the managing director of the NDIC, revealed this at a sensitisation seminar for Judges of the Federal High Court in Lagos.
Speaking at the occasion, he said:
He added that the NDIC was committed to fulfilling its mandate of protecting depositors through bank supervision, failure resolution and liquidation so as to boost confidence in the financial system, Punch reports.
The NDIC boss also commented on the role that the judiciary plays in the fulfillment of the mandate to ensure a strong financial system in Nigeria.
Hassan added:
Ealier, TimesNow.com.ng reported that the NDIC commenced verification of insured depositors of Peak Merchant Bank in liquidation.
This is in line with its duty of deposit guarantee and reimbursement of depositors in case of bank failure.
Peak Merchant Bank Limited’s operating license was revoked on Friday, 28 February 2003.
It further noted that the verification exercise is a precursor to paying insured sums to the depositors, the Nation reports.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
