{"id":31219,"date":"2019-04-11T14:46:26","date_gmt":"2019-04-11T13:46:26","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=31219"},"modified":"2019-04-11T14:47:52","modified_gmt":"2019-04-11T13:47:52","slug":"failed-banks-ndic-sets-aside-n258-8-billion-to-reimburse-depositors-in-2019","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/failed-banks-ndic-sets-aside-n258-8-billion-to-reimburse-depositors-in-2019\/","title":{"rendered":"Failed Banks: NDIC Sets Aside N258.8 Billion To Reimburse Depositors In 2019"},"content":{"rendered":"

In the unlikely event of closure of licensed banks in 2019, the Nigerian Deposit Insurance Corporation (NDIC) said it has set aside a total sum of N258.767 billion in the fiscal year for the reimbursement of depositors.<\/p>\n

The Corporation\u2019s MD\/CEO Umaru Ibrahim, made this remarks on Thursday why defending the NDIC 2019 budget estimates before the House Committee on Insurance and Actuarial Matters at the green chamber.<\/p>\n

Giving a breakdown of the funds, the NDIC CEO said N109.686 billion was provided for depositors of Deposit Money Banks (DMBs), while N149.081 billion has been set aside for depositors of Primary Mortgage Banks (PMBs) and Micro Finance Banks (MFBs).<\/p>\n

He explained that the estimates were consistent with the Corporation\u2019s mandate of providing financial guarantee to depositors of failed banks towards promoting public confidence in the banking sector. This, he added, is critical to the sustenance of the stability of the entire financial system.<\/p>\n

Meanwhile, the Chairman of the House of Representatives Committee on Insurance and Actuarial Matters Hon. Olufemi Fakeye, has described the NDIC as an institution that has carved a niche for itself as the leading Deposit Insurer in Africa.<\/p>\n

The Chairman who recalled the role played by the NDIC in the resolution of the defunct Skye Bank and the establishment of Polaris Bank Ltd as a bridge bank, charged NDIC to be more pro-active in detecting and addressing distress in banks as a way of sustaining public confidence in the system.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

In fulfilment of the Corporation\u2019s mandate to provide Technical assistance to licensed banks, the NDIC Boss, disclosed that the Corporation, in collaboration with the Central Bank of Nigeria (CBN), has invested in the acquisition of a new software called the Integrated Regulatory Solution (IRS) for a more robust surveillance and supervision of insured financial institutions in the country. According to Ibrahim, the software would enable DMBs generate real time online data among themselves, help regulators to access data online from the DMBs.<\/p>\n

Ibrahim also disclosed that the National Association of Microfinance Banks Unified Information Technology Platform (NAMBUIT) was introduced by CBN\/NDIC and Association of MFBs to enhance the operational capacity of the MFBs. The CBN\/NDIC are financing the project in the ratio of 60\/40 per cent respectively in view of the importance of the project to the growth of the MFB sub-sector.<\/p>\n

On the issue of NDIC\u2019s mandate of providing financial assistance to eligible licensed and insured banks, Ibrahim disclosed that a total of N140 billion was provided for Deposit Money Banks while the sum of N300 million is provided for Microfinance and Primary Mortgage Banks. He urged the banks to take the opportunity to access the funds offered by the Corporation whenever they are required.<\/p>\n

Responding, the Chairman commended the Corporation for its pro-activeness in the prevention systemic crisis in the nation\u2019s banking system. He added that the various mechanisms adopted by the Corporation since inception to resolve distress in banks had not only prevented the manifestation of crisis in the system, they also contributed immensely to the high level of public confidence experienced in the financial sector.<\/p>\n

Photo Caption: NDIC- MD\/CEO Umaru Ibrahim<\/p>\n","protected":false},"excerpt":{"rendered":"

In the unlikely event of closure of licensed banks in 2019, the Nigerian Deposit Insurance Corporation (NDIC) said it has set aside a total sum of N258.767 billion in the fiscal year for the reimbursement of depositors.<\/p>\n","protected":false},"author":6,"featured_media":13105,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[5468,818],"coauthors":[2391],"class_list":["post-31219","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-failed-banks","tag-ndic"],"yoast_head":"\nFailed Banks: NDIC Sets Aside N258.8 Billion To Reimburse Depositors In 2019 - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/failed-banks-ndic-sets-aside-n258-8-billion-to-reimburse-depositors-in-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Failed Banks: NDIC Sets Aside N258.8 Billion To Reimburse Depositors In 2019 - 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