NDIC Recovers N28.84bn From Failed Banks Debtors

• NDIC Recovers N28.84bn From Failed Banks Debtors

The Nigerian Deposit Insurers Corporation says it has recovered N28.84bn from debtors of failed banks.

The Managing Director, NDIC, Umaru Ibrahim, said this at the corporation’s Special Day at the ongoing Abuja International Trade Fair on Tuesday.

Giving further analysis of the recovered debts, Ibrahim said N21.85bn was realised from the sale of physical assets of the failed banks.

According to him, the status of the recovery was as of December 31, 2017, adding that the corporation had as of the date paid N11.5bn to depositors, creditors, shareholders and other stakeholders of closed failed banks.

The NDIC boss said the corporation was implementing the National Financial Inclusion Strategy by adopting various public awareness activities to achieve its purpose.

According to him, the NDIC has engaged in several activities to achieve the goal, including the World Savings Day, financial literacy for youths in secondary schools, TV and radio jingles and workshops for stakeholders.

Speaking on the theme of the trade fair, ‘Enhancing SMEs in Agribusiness through Innovative Technology’, Ibrahim said there could not have been a better one and commended the Abuja Chamber of Commerce and Industry for organising the fair.

He stated, “The theme could not have been more apt, given the determination of the current administration to achieve inclusive economic growth, especially through the development of the agriculture sector.

“As a key player in the Nigerian financial system, the NDIC is resolute in its determination to complement the roles of other regulators and institutions.

“We will ensure that the soundness and stability required to support agro-based small and medium enterprises is provided.”

He added that the corporation was committed to protecting depositors and promoting public confidence in the nation’s financial system, noting that it was working in close collaboration with the Central Bank of Nigeria.