The Nigeria Deposit Insurance Corporation (NDIC) said depositors with balances exceeding N5 million will also be paid from their liquidation dividends.
The managing ddirector and chief executive, Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan made this known on the occasion of NDIC’s special day at the ongoing 45th Kano International Trade Fair.
He said,
According to the MD, by guaranteeing payment in the event of bank failures, the NDIC is still dedicated to shielding depositors from the negative consequences of bank failures.
The NDIC, a vital part of the financial safety net, gives depositors peace of mind regarding the security of their money, which promotes confidence in the banking system and lowers the possibility of bank runs in unpredictable times.
TimesNow.com.ng reported that the Nigeria Deposit Insurance Corporation (NDIC) has announced that it has finished a statewide assets appraisal of the now-defunct Heritage Bank as part of ongoing efforts to compensate depositors following the bank’s collapse.
During NDIC’s special day at the Lagos International Trade Fair, Bello Hassan, the organization’s managing director and CEO, made this news.
According to BusineDay, Hassan underlined NDIC’s commitment to maintaining the stability of the banking sector, especially in the case of a bank failure.
Source: TimesNow.com.ng
