How do Clients of defunct Banks (Such as AllStates Trust Bank) claim their Deposits from the Acquiring Banks (Such as Ecobank Plc)?

• Related Articles

• If a Depositor has Deposit Accounts in Different Insured Banks, will the Deposits be added together for the Purpose of Determining Insurance Coverage?

  No. The maximum insurance limit is applicable to deposits in each of the participating banks. In the case of a bank having one or more branches, the main office and all branch offices are considered as one bank. In summary, if a person has many ...

• 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 ...

• FAQs and Facts About DIS in Nigeria

  Introduction This section presents a set of Frequently Asked Questions (FAQs) and Answers that would give more insights on the concept and practice of DIS in Nigeria as well as new developments in the financial services industry. Question 1: What is ...

• FAQS and Facts about Deposit Insurance in Nigeria

  FAQs and Facts About DIS in Nigeria Introduction This section presents a set of Frequently Asked Questions (FAQs) and Answers that would give more insights on the concept and practice of DIS in Nigeria as well as new developments in the financial ...

• How does NDIC Protect Bank Depositors against Loss?

  The NDIC protects bank depositors against loss through: a) Deposit Guarantee This is the most significant and distinct role of the NDIC. As a deposit insurer, the NDIC guarantees payment of deposits up to the maximum insured sum of N500,000 to a ...