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Naira Crisis: Banks Fear Heighten As Customers Shun Cash Deposit

Naira Crisis: Banks Fear Heighten As Customers Shun Cash Deposit

The Nigerian economy has started redeeming from the three-month-long naira insufficiency, but there is another infuse risk of a possible banking sector collapse as customers shun cash deposits. The development is a spill-over effect of…

NDIC advises victims of liquidated banks on payment

NDIC advises victims of liquidated banks on payment

Nigeria Deposit Insurance Corporation (NDIC) has called on depositors of liquidated financial institutions to come forward with relevant documents to receive their entitlements. Managing Director of the Corporation, Mr Bello Hassan, reiterated the call in…

NDIC pays N8.268bn to liquidated bank depositors

NDIC pays N8.268bn to liquidated bank depositors

…cautions public against Ponzi schemes and wonder banks The Nigeria Deposit Insurance Corporation (NDIC) paid a cumulative sum of N8.268 billion to 443,946 depositors and N100.080 billion to uninsured depositors of deposit money banks in-liquidation…

Bank failure: 97.6% depositors fully covered by NDIC

Bank failure: 97.6% depositors fully covered by NDIC

Over 97 per cent of depositors of deposit money banks (DMBs) in the country would be fully covered by the Nigeria Deposit Insurance Corporation (NDIC) in the event of bank failure, according to the Corporation’s…

NDIC seeks FCT’s cooperation on closed banks’ assets

NDIC seeks FCT’s cooperation on closed banks’ assets

The Nigeria Deposit Insurance Corporation (NDIC) has solicited the support of the Ministry of the Federal Capital Territory (FCT) in the realisation of landed properties of banks inliquidation within FCT to enable it pay depositors…

NDIC tasks ICAN member auditors on accuracy, integrity

NDIC tasks ICAN member auditors on accuracy, integrity

In order to earn public confidence and respect within the financial services industry, professional auditors who are members of the Institute of Chartered Accountants of Nigeria (ICAN) must uphold the core values of “accuracy and…

NDIC pays 10 banks full liquidation dividend

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…

Liquidity: NDIC reviews framework for banks to tackle challenges

Liquidity: NDIC reviews framework for banks to tackle challenges

Although it affirmed that the country’s banking industry remains healthy despite the effects of the Coronavi-rus (COVID -19) crisis, the Nigeria Deposit Insurance Corporation (NDCI) has reviewed its framework that allows lenders facing liquidity problems…

NDIC: Why we couldn’t save Fortis Bank

The Nigeria Deposit Insurance Corporation (NDIC) has restated that all intervention procedures it took along with the Central Bank of Nigeria (CBN) to rescue Fortis Microfinance Bank (MFB) Plc. had failed. The regulatory agencies are…

NDIC/CBN: Meeting responsibilities for banking sector’s growth

NDIC/CBN: Meeting responsibilities for banking sector’s growth

The 9th National Assembly has gone far with the process of repealing BOFI Act 2004 and enacting BOFI Act 2020 with a view to making the banking sector strong, resilient and deterrent to financial crimes…