The Nigeria Deposit Insurance Corporation (NDIC) has paid N1.39 billion to 36,163 depositors of 110 closed microfinance banks and three primary mortgage banks.

According to the CEO of NDIC, Bello Hassan, this followed the recent revocation of some MFBs and PMBs licences by the Central Bank of Nigeria (CBN), revealing that the payments of the statutory insured sums are still ongoing.

The NDIC boss explained that depositors with funds exceeding the insured limit would receive liquidation dividends after recovering debts and selling the closed banks physical assets.

Hassan disclosed this at the corporations ˜Special Day at the 2023 Lagos International Trade Fair on Thursday in Lagos.

Hassan said the corporation promptly commenced the liquidation of these banks and began disbursing insured sums to depositors within a record time of three days of the banks closure.

In another development, the corporation is currently in the process of verifying and paying liquidation dividends to depositors and stakeholders of 20 banks in liquidation, including Allied Bank, Peak Merchant Bank, Commerce Bank, Continental Merchant Bank, Financial Merchant Bank, Fortune Bank, Gulf Bank, Hallmark Bank, Icon Merchant Bank, Liberty Bank, Nigeria Merchant Bank, North South Bank, Premier Commercial Bank, Prime Merchant Bank, Progress Bank, and Merchant Bank, he said.

Hassan urged the public, especially traders and businesspeople, to keep their funds in licensed banks, advising them to avoid patronising wonder banks and Ponzi schemes. The NDIC, in its efforts to boost depositors confidence in the financial landscape, has continued to address genuine cases of infractions and complaints in relation to their respective insured institutions, said Mr. Hassan. (The Nation)