“NDIC Disburses Over N1 Billion to Depositors of Failed PMBs and MfBs: 29,573 Beneficiaries Receive Funds”

By  Milcah  Tanimu

The Nigeria Deposit Insurance Corporation (NDIC) has disbursed approximately N1.084 billion to over 29,000 depositors of 179 Microfinance Banks (MfBs) and four Primary Mortgage Banks (PMBs) whose licenses were revoked by the Central Bank of Nigeria (CBN) as of September 22, 2023. The NDIC began liquidating the banks and disbursing insured sums to depositors within seven days of their closure. Payments are still ongoing, and depositors with funds exceeding the insured limit will receive liquidation dividends after the recovery of debts and the sale of physical assets of the closed banks. The NDIC has also warned against patronizing unlicensed banks not covered by the deposit insurance scheme.