Since its establishment 32 years ago, the Nigeria Deposit Insurance Corporation has carried out liquidation activities on 425 financial institutions in the country. An analysis of the 425 liquidated banks showe that 51 of are Deposit Money Banks, 325 Micro Finance Banks while 51are Primary Mortgage Banks. Speaking at the 2020 Finance Correspondents Association of Nigeria Forum in Abuja, the NDIC Managing Director, Umaru Ibrahim said through efficient and diligent liquidation activities, the Corporation has successfully paid in full customers of 18 DMBs that were both insured and uninsured. Represented by the Assistant Director, Insurance and Surveillance Department, John Abiodun the NDIC boss noted that payments have been put on hold to depositors of some banks as a result of ongoing litigation challenging the revocation of their operating licence.
