The Managing Director of Nigeria Deposit Insurance Corporation (NDIC), Mr. Umaru Ibrahim, on Thursday disclosed that the corporation had commenced the verification of failed banks insured depositors’ claims with a view to paying their verified claims.
Ibrahim, who disclosed this while speaking at the NDIC’s Special Day at the 2018 Kano International Trade Fair, in Kano, explained that from the records obtained so far, majority of the depositors, especially in the liquidated Micro Finance Banks (MFBs), had less than N200,000.00 in their accounts.
Represented by the corporation’s Controller of Kano Zonal Office, Alhaji Bashir Nuhu, at the event, the NDIC boss said that the measures adopted by the corporation on MFBs would promote the nation’s financial system stability in the years ahead.
He said: “The corporation will continue to work closely with the Central Bank of Nigeria (CBN) to ensure effective supervision of the banks, so as to ensure strict adherence to rules and regulations guiding banking operations in order to protect depositors in the domestic financial system against flagrant disregard of extant rules by management of financial institutions.
”The collaboration with CBN will help to minimise occurrence of unlawful insiders’ dealings, weak internal control and overall non-compliance to prudential guidelines”, the insurance expert added.
He restated the corporation’s determination to ensure that all those behind the failure of the defunct Skye Bank Plc would be prosecuted to serve as deterrent to others.
According to him, all those that contributed to the failure of the bank are being investigated by relevant agencies of the government and would be prosecuted to serve as deterrent to others.
