Popular Articles
Is NDIC granting any financial assistance to my bank during crisis?
Yes. The NDIC Act 2023 empowers the Corporation under sections 49 - 50 to provide financial and technical assistance to eligible insured financial institutions in the interest of depositors, in case of imminent or actual financial difficulties ...
What Methods of Payment does the NDIC use in meeting its Obligations to Depositors of a Failed Institution?
The NDIC could pay depositors of a failed insured institution either by transfer to a financial institution with instructions to effect payments to depositors on its behalf, or directly by means of issuing cheques up to the insured limit which will ...
Who are the Insured Institutions under the Deposit Insurance System in Nigeria?
Insured institutions are all deposit-taking financial institutions licensed by the Central Bank of Nigeria (CBN) such as:- a. Banks (Commercial and Merchant); b. Microfinance Banks (MFBs); c. Primary Mortgage Banks (PMBs); d. Payment Service Banks ...
How are the Insured Sums Collected?
Insured sums are collected by depositors on filing their claims through the completion of relevant forms provided by the NDIC. In addition, they have to furnish the NDIC with account documents such as unused cheque books, old cheque stubs, passbooks, ...
If a Depositor has more than the Maximum Insured Amount as Deposit in a Closed Bank, Is He Entitled to any further Claim for the amount of His Deposits in Excess of the Maximum Insured Amount paid by the NDIC?
Yes. In a situation where the amount of depositors’ fund in a closed bank exceeds the maximum insured amount, the owners of such accounts will share, on a pro-rata basis, in any proceeds from the liquidation of the bank’s assets with other general ...