The Nigeria Deposit Insurance Corporation (NDIC) has solicited the support of the Ministry of the Federal Capital Territory (FCT) in the realisation of landed properties of banks in-liquidation within the FCT to enable it pay depositors of affected closed banks.
The Chairman of the NDIC Board of Directors, Ronke Sokefun, made the call during a courtesy visit by the Corporation’s Board and Management to the Honourable Minister of the FCT, Mohammed Musa Bello, in Abuja.
She noted that the Corporation has not been able to make full payment of trapped depositors’ funds as a result of difficulty in realising assets of banks in-liquidation due to poor documentation by the banks, revocation of title by authorities and litigation over the assets.
The NDIC Board Chairman who disclosed that some of the assets were located within the FCT, said the support of the Ministry in realising them 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.
Chairman of the Nigeria Deposit Insurance Corporation (NDIC) Board of Directors, Mrs Ronke Sokefun (Centre) and NDIC MD/CE, Bello Hassan (1st Left) listen intently as the Honourable Minister of the FCT, Mal. Musa Bello (1st Right) makes his remarks during the NDIC Board’s visit to the FCT Ministry in Abuja.
Speaking further, NDIC’s Managing Director/CEO, Bello Hassan elaborated on the roles and relationship between the NDIC and the Asset Management Corporation of Nigeria (AMCON) in the management of banks assets.
He explained that the NDIC as a liquidator focuses on the assets of closed banks after revocation of their licence by the Central Bank of Nigeria (CBN) while AMCON was concerned with only Non-Performing Loans (NPLs) of existing banks acquired by AMCON.
Responding, Bello said problems relating to landed properties in the FCT were usually not the fault of Ministry but arises from the title of such properties. He however said the Ministry was willing to assist the Corporation in resolving issues around its properties and those of banks in-liquidation in the FCT within the ambit of the law.
Chairman of the Nigeria Deposit Insurance Corporation (NDIC) Board of Directors, Mrs Ronke Sokefun (5th left) along with the NDIC Board pose for a group photograph with the Honourable Minister of the FCT, Mal. Musa Bello (6th left) during the NDIC Board’s visit to the FCT Ministry in Abuja.
He commended NDIC for its active support in educational development in the FCT through the donation of furniture and books as well as the Corporation’s interventions and financial assistance in support of the fight against the COVID-19 Pandemic.