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NDIC pays 10 banks full liquidation dividend

Hassan Bello assumes duty as corporation’s MD

Managing Director/ Chief Executive Officer of Nigeria Deposit Insurance Corporation (NDIC), Mr. Bello Hassan, has regretted that the corporation was only able to pay 100 per cent liquidation dividend to 10 banks out of 49 banks liquidated by it.

To hasten faster process of paying liquidation dividend, Hassan, who officially assumed duty yesterday following his inauguration performed by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, harped on the need to enhance the powers of the corporation to be able to recover debts owed to liquidated institutions.

“If you look at the number of institutions the corporation has liquidated since inception, about 49, it’s only about 10 DMBs the corporation was able to pay 100% liquidation dividend. For the remaining ones, it means recovery has not been made 100%. There is the need to enhance the powers of the corporation to be able to pursue these debtors to make sure that all the obligations are recovered because those loans and advances were financed by depositors’ money, not shareholders’ money. “There is the need to enhance the powers of the corporation to be able to go after those obligors so as to recover depositors’ money, pay them and build confidence and stability in the financial system,” he said. Hassan cited slow growth in deposit insurance fund as part of the clog slowing the wheel of NDIC progress.

“There is also the need to build up depositors’ insurance fund because that’s what we use in making pay out in the event of any liquidation. If you look at it, what we have is less than N2 trillion, so there is the need for us to quickly fasttrack the build-up of this fund. In the event of any eventuality, we shall have sufficient fund to be able to pay depositors without recourse to the treasury and the need to ensure that we offer assistance to insured deposit taking institutions in a timely manner in order to promote stability and confidence within the banking system,” he said.

In her address preceding inauguration of the NDIC MD and Executive Director (Operations), Mr. Mohammed Ibrahim, the minister said the MD and ED were taking over an organization that “is functionally, professionally and financially sound based on recent reports on the performance of the corporation submitted to the ministry.” “Over the years, the corporation has become an important component of the nation’s financial safety net and at the forefront of activities that promote financial system stability through its contributions to financial inclusion and other economic policies of government.

“I would expect that the executive management team under your leadership will continue to discharge the responsibility of the corporation with diligence and build on the successes already achieved to take the corporation to greater heights,” Ahmed said. The newly appointed MD of NDIC is taking over from Alhaji Umaru Ibrahim who was at the corporation from 2010 to 2020, while the Executive Director (Operations) would be succeeding Prince Aghatise Erediauwa who also served a two-term tenure, from 2010-2020.

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