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NDIC Begins Payment to Depositors of 33 Closed MFBS

June 5, 2014

The Nigeria Deposit Insurance Corporation (NDIC), on Thursday, said it has started the process of verifying and paying insured deposits of 33 out of 83 microfinance banks (MFBs) whose licences were recently revoked by the Central Bank of Nigeria (CBN).

A statement by the corporation, signed by Hadi Birchi, its spokesman, said as part of the verification and payment exercise being undertaken by NDIC staff, "affected depositors are to report to the last known addresses of their closed MFBs with evidence of account ownership including passbooks, cheque books and personal identification documents such as national identity cards, drivers licences and voters cards."

Depositors without valid identification documents must however obtain introduction letters with their photographs, duly signed by traditional rulers of their domain, or the local government chairmen.

The depositors are also requested to take along details of alternative bank accounts operated in any of the existing banks into which their insured claims could be paid while those without bank accounts have been asked to provide details of accounts of close relatives to which their payment could be made.

The first phase of the exercise is to cover total deposit liabilities of N588, 685,792.25, with each depositor receiving a maximum of N200, 000.

In a related development, the corporation said it has also started the "verification and payment of N125 million as first liquidation dividend of 50 kobo each to shareholders of the defunct Rims Merchant Bank at its Abuja and Lagos Offices and eight zonal offices nationwide."

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Source: AllAfrica

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