The Nigeria Deposit Insurance Corporation (NDIC) has assured depositors affected by the recent revocation of the licenses of 178 Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs) by the Central Bank of Nigeria (CBN) of speedy payment of their insured deposits.
The Managing Director of NDIC Mr. Bello Hassan gave the assurance during a three-day capacity-building workshop for management staff of the corporation at the weekend in Ikot Ekpene, Akwa Ibom state.
The event had as its theme: ‘Result Based Procurement: A Strategic Approach’ was organized by the Corporation in collaboration with the Bureau of Public Procurement (BPP).
The Managing Director represented by the Executive Director, Operation, Mr Mustapha Ibrahim stressed that the Corporation would not compromise standards as it would also ensure that depositors get their money promptly to prevent a panic situation.
Hassan stated that NDIC would continue to strengthen the financial system to appropriately support the economic advancement of the nation and also contribute meaningfully to financial system stability.
“It is also pertinent to remind ourselves of the role the Nigeria Deposit Insurance Corporation (NDIC) continues to play as a key player in the Financial Safety-Net arrangement of the country’s banking system as a Deposit Insurer; others being; the prudential regulation & supervision, failure resolution, deposit insurance and lender of last resort function of the Central Bank of Nigeria (CBN).
These components continue to safeguard the safety and soundness of the banking system as well as promote financial stability.
“Following the recent revocation of the licenses of 178 Microfinance Banks (MFBs) and four Primary Mortgage Banks (PMBs) by the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) has since commenced the liquidation exercise with the main purpose of paying the guaranteed sum, recovery of debts owed the banks, sale of physical assets and payment of liquidation dividend on the uninsured sum.
“The NDIC is hereby assuring depositors of the closed banks of speedy payment of their insured sums,” he added
Hassan expressed delight at the collaboration and training of procurement staff by BPP saying it has helped to conserve funds, block leakages, and enhance healthy competition and transparency.
In his remark, the Director-General of BPP, Mr. Mamman Ahmadu cautioned that any public procurement without plans and records is tantamount to criminality.
Ahmadu, represented by the Director, Research and Development/ICT, Mr. Aliyu Aliyu assured that the agency will continue to collaborate with NDIC to ensure smooth sailing on its procurement activities.
