Can Someone Retrieve the Insured Funds of a Deceased Relative from a Failed Bank in-Liquidation?

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• FAQS and Facts about Deposit Insurance in Nigeria

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• What is Liquidation Dividend?

  This is a payment made to a depositor of a failed insured institution in excess of the insured sum. While the insured sums are paid from the DIF, SIIF or NIDIF as the case may be liquidation dividends are paid from funds realized from the sale of the ...

• Would Funds Released by Federal Mortgage Bank for NHF Loans and other Poverty Alleviation Funds, Donor Funds, Deposit for Shares with PMBs/MFBs be included as Deposits when Computing the Deposit Insurance Premium?

  No. Special funds such as Donor funds or other funds that are for onward disbursement to beneficiaries are excluded from assessable deposits. The onus is on the insured institutions to ensure proper classification of such funds in their books.

• 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 ...