Managing Director / Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC) Bello Hassan has urged depositors of failed banks who have not received their money to apply for their payments ,attaching all necessary documents to quicken their refund.
He said the Corporation had been consistent in maintaining financial stability in the banking sector and ensuring that depositors do not suffer loss , but instead, get prompt compensation should banks fail.
He made the call on Wednesday at the NDIC Special Day at the 36Th Enugu International Trade Fair holding in Enugu.
Represented by the Zonal Controller, Enugu Mrs Pamela Roberts, Bello cited the example of Heritage Bank that was recently liquidated. He said that within four days they started compensating the depositors with the bank. He added that depositors that had Five million naira(N5million) and below got full payment while deposits above Five million naira would be paid as liquidation dividends.
Bello assured depositors that their money was safe, should their banks failed . He assured that once they can present necessary documentation supporting their account ownership, they would be compensated.
Pix: Presentation of gift to the winner of the grand prize
“NDIC has successfully declared a full 100% liquidation dividends to depositors of 20 previously failed banks. This reflects our unwavering commitment to depositors protection and our proven capability to manage Bank failures effectively.
“I therefore urge depositors of closed banks to come forward and provide the necessary documentation supporting ownership of the account, including BVN, and an alternate bank account number of the insured sum,” he said.
Pix: NDIC and ECCIMA team
Earlier in his welcome address, the President of Enugu Chamber of Commerce, Industry, Mines and Agriculture, ECCIMA, Odeiga Jideonwo
called on the Central Bank of Nigeria, CBN, to assist the Nigeria Deposit Insurance Corporation, NDIC to ensure that banks in Nigeria do not close shops and that depositors do not go through difficult experience to recover their deposits if banks failed.
Jideonwo, who was represented by an ECCIMA Council member, Ugo Ozigbo, called on the Nigeria’s apex bank, the Central Bank of Nigeria to support NDIC in their regulatory role, noting that by doing so, CBN will ensure that the chances of Bank failures in Nigeria is reduced to the barest minimum.
“Permit me to use this opportunity to plead that the CBN through its regulatory framework should make the work of NDIC easier by ensuring that the chances of Bank failures is reduced to the barest minimum and guard against depositors going through this harrowing experience,” he appeals.
He said that more works needed to be done to ensure that banks don’t go under.
He called on CBN and NDIC to ensure stability and tranquility in the banking sector through their regulatory frameworks.
Highlights of the event were drama presentation, cultural dance and raffle draw, where some winners took home different items they won .
Author: Maureen Ikpeama