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Failed banks: NDIC engaged 467 insured banks in 2021

The Nigeria Deposit Insurance Corporation (NDIC), says its liquidation activities involved about 467 insured banks with a view to settling claims of depositors and creditors of the banks.

The Managing Director of NDIC, Bello Hassan, said this at the 2022 International Association of Deposit Insurers (IADI) Africa Regional Committee (ARC) workshop hosted by the Corporation in Abuja on Tuesday.

He said the number comprised 49 Deposit Money Banks (DMBs), 367 Micro-Finance Banks (MFBs), and 51 Primary Mortgage Banks (PMBs) as at December 2021.

Hassan said the NDIC provided deposit insurance protection to depositors of 33 DMBs – comprising 24 commercial banks, six merchant banks, and three non-interest banks (NIBs).

Others are 882 MFBs, 34 PMBs, three Payment Service Banks (PSBs) and 29 Mobile Money Schemes.

He said the successes recorded by the NDIC would not have been possible without the support and collaborative efforts of other financial safety-nets.

Hassan listed the NDIC’s safety-net partners to include the Central Bank of Nigeria (CBN), the Federal Ministry of Finance, Budget and National Planning, and other members of the Financial Services Regulation Coordinating Committee.

“This workshop, therefore, creates a veritable platform for knowledge and experience-sharing in fulfilling the vision and mission of IADI.

“I am optimistic that at the end of this workshop, strategies for system-wide crisis preparedness and resolution options in promoting financial stability in the region would emerge,” he said.

The News Agency of Nigeria (NAN) reports that the four-day workshop attracted managers of various deposit insurance agencies from different IADI member countries.

…at the end of this workshop, strategies for system-wide crisis preparedness and resolution options in promoting financial stability in the region would emerge.

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