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NDIC to Refund Owners of Money Stuck in Defunct Commercial, Micro-finance Banks




The Nigeria Deposit Insurance Corporation, NDIC has assured that depositors whose money were stuck in 23 distressed banks across the country would be refunded.

The NDIC expressed readiness to begin the reimbursement to affected account owners. 

The Managing Director of NDIC, Bello Hassan gave the hint on Thursday, during the NDIC day at the ongoing 43rd Kaduna International Trade Fair, Kaduna.

Investors King learnt that the event was organised by the Kaduna Chambers of Commerce Industries, Mines & Agriculture. 

Hassan, represented by the Director of Communication and Public Affairs, Bashir Nuhu, noted that the issue of failed banks will cease in the country as the corporation is carrying out its responsibility of protecting banks insured by it and ensuring financial stability.

The NDIC boss explained that insurance covers Microfinance banks, commercial banks, non-interest banks asking depositors to present deposit proofs.

He pointed out that each depositor was insured up to N500,000 in the event of failure while N2m insures coverage for Microfinance Banks depositors.

Hassan, however, explained that those who have funds in excess of the insured limits will be paid dividends from the proceeds of assets and debt recovery gathered from the defunct banks.

Revealing the mode of payment claims, NDIC stated that verification will be done physically and on their online platforms.

“It is on this note that I like to call on depositors of banks in liquidation to avail themselves of the Corporation’s physical and online platforms for claiming their trapped deposits.

“The online claim verification platform has been incorporated into the Claim Page on our website ( to facilitate processing of claims from the comfort of depositors’ houses and offices.”

Hassan further listed the insured banks of which its depositors would be refunded as; 

Microfinance Banks (MFBs), Deposit Money Banks (DMBs), Non-Interest Banks (NIBs), Primary Mortgage Banks (PMBs), subscribers of Mobile Money Operators (MMOs) and the recently licensed Payment Service Banks (PSBs).

“Presently each depositor of DMBs, NIBs, PMBs and subscribers of MMOs are insured up to the maximum limit of N500,000.00 per bank in the event of failure; while the maximum insured coverage for depositors of MFBs is N200,000.00 per bank,” he added.

The NDIC Boss further stated that the corporation had declared 100 percent liquidation dividends to depositors of 22 DMBs in liquidation.

This, according to him will afford the agency enough to funds to pay all affected depositors of the 23 DMBs 100 percent of their money.

“The Corporation has since moved on to commence payment of liquidation dividends to creditors and shareholders of some of the banks, indicating that their depositors can access their full payment whenever they file their claims.

“NDIC has been living up to its mandate and public policy objectives of contributing to financial system stability,” he said.

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Microfinance Bank

NIRSAL Facilitates N128B Loans For Agribusinesses



NIRSAL Microfinance Bank- Investors King

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending says it has about three million farmers on its database and has facilitated over N128 billion for agriculture and agribusiness across the country since its inception.

The Managing Director/CEO of the agency, Aliyu Abdulhameed, made this known in Akpabuyo during the agency’s Credit Risk Guarantee-backed project launch with Gbagolo Farm Ltd and TOAJ Nigeria Ltd.

NIRSAL guaranteed a total commercial bank loan of N81.8m from Union Bank to Gbagolo Farm Limited involved in poultry production, with NIRSAL credit guarantee cover of 50 percent, while the agency also guaranteed a total commercial bank loan of N150m from Sterling Bank to TOAJ Nigeria Limited involved in cocoa sourcing, aggregating and sales with NIRSAL credit guarantee cover of 50 percent.

While Gbagolo Integrated Farms Limited will use its N81.8 million Term Loan to finance the purchase of 25,000 points of lay birds, 25,000 capacity battery cages and feeding complements, TOAJ Nigeria Limited will channel its N150m Export/Trade Finance facility towards the sourcing and purchase of cocoa for export, Abdulhameed said.

He added that both projects were testaments to the fact that NIRSAL Plc in its bid to realize its vision of transforming the economy supported all sizes of businesses, whether small, medium, or large across the length and breadth of the country.

He added that, as a guarantor, NIRSAL Plc’s intervention positively impacted both the lender and the borrower, as well as the overall economy.

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