NDIC Seeks FCT Support To Resolve Banks In-Liquidation Assets

The Nigeria Deposit Insurance Corporation (NDIC) and the Ministry of the Federal Capital Territory (FCT) have resolved to quickly resolve issues associated with landed properties of banks in-liquidation within the FCT to enable the speedy payment of depositors of affected closed banks.

The resolution was made when the Chairman of the NDIC Board of Directors, Mrs Ronke Sokefun paid a courtesy visit to the Minister of the FCT, Mal. Mohammed Musa Bello in Abuja.

According to Mrs Sokefun, the Corporation often face difficulties in the full payment of trapped depositors’ funds as a result of difficulty in realising assets of banks in-liquidation, owing to poor documentation by the banks, revocation of title by authorities and litigations over the assets.

Sokefun said if these bottlenecks are removed by the FCT, it would assist the Corporation in the effective discharge of its mandate of deposit guarantee which ensures that depositors recover their savings in the event of bank failure.

In his response, Minister of FCT, Mal. Mohammed Musa Bello pledged the Ministry’s assistance to support the Corporation in resolving issues around its properties and those of banks in-liquidation in the FCT within the ambit of the law.

Earlier, the NDIC’s Managing Director/CEO, Mr. Bello Hassan who spoke on the mandate of the corporation and AMCON explained that the NDIC as a liquidator focuses on the assets of closed banks following revocation of their license by the Central Bank of Nigeria (CBN) while AMCON was involved with only Non-Performing Loans (NPLs) of existing banks acquired by AMCON.

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