He said this represented 51.07 per cent, 73.13 per cent and 92.81 per cent of the respective amounts.
The Managing Director of the NDIC, Bello Hassan, explained on the sidelines of the event that the corporation was settling the liquidation dividends of depositors of the banks. ”One of our mandates is also to liquidate licence deposit institutions whose deposit has been revoked by the CBN. So you have various categories that are currently in liquidation, the Deposit Money Banks , Micro Finance Banks , and Primary Mortgage Banks ,” Mr Hassan explained. “As liquidator, what we do immediately there is revocation of licence is to pay the maximum insured amount.”
After that, he stated the corporation “proceeded to recover the loans and advances” granted by the liquidated institutions before revocation and “also realise the assets” left behind “so that we can pay it to the depositors.” Mr Hassan added, “We only pay the maximum insured amount at the point of liquidation then, subsequently, begin to pay depositors and after that, we wind up, but the payment is currently ongoing.”
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