The Nigeria Deposit Insurance Corporation (NDIC) at the weekend said participated in liquidation processes of 425 financial institutions in the country since it was established in 1988.
A breakdown of the 425 liquidated banks during the period showed that 51 of them were Deposit Money Banks, while 325 Micro Finance Banks in addition to 51 Primary Mortgage Banks.
The Assistant Director, Insurance and Surveillance Department of the NDIC Mr. John Abiodun, made the revelation at the 2020 Finance Correspondents Association of Nigeria forum in Abuja.
According to him, the Corporation has successfully paid in full the deposits of customers of 18 DMBs that were both insured and uninsured by leveraging on its efficient and diligent liquidation activities and procedures.
He also revealed that settlements have been put on hold for depositors of Fortune International Bank, Triumph Bank and Peak Merchant Bank due to litigations challenging the revocation of their operating licences.