CBN Didn’t Liquidate New Banks, Clarifies NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has explained its role in the 20 banks liquidated by the Central Bank of Nigeria (CBN). In a signed statement by the Director, Communication & Public AffairsBashir A. Nuhu, the Corporation stated that the report in various social media platforms was misleading. The statement reads: “The Nigeria Deposit Insurance Corporation (NDIC) wishes to address the recent misleading news reports circulating on various social media platforms under the headline “CBN Liquidates 20 Banks – NDIC (Names).” “Contrary to the misleading headline, we would like to clarify that the 20 banks mentioned in those reports were among the banks that had been previously closed due to the revocation of their operating licenses by the Central Bank of Nigeria (CBN) between 1994 and 2018. “The general public should be aware that the NDIC has fulfilled its commitment by paying the guaranteed sums owed to depositors. Additionally, the Corporation has made cumulative payments of liquidation dividends totalling N45.45 billion as of July 2023, representing amounts exceeding the guaranteed sums to depositors of the 20 banks. “In light of further recoveries from debtors of the liquidated banks, the Corporation has announced an additional N16.18 billion in liquidation dividends to be paid to depositors, creditors, and shareholders of the 20 banks in liquidation. It’s important to note that the liquidation dividend represents the amount in excess of the insured sums paid by the NDIC to depositors of a closed bank. This amount is derived from recoveries made from the realization of assets of failed financial institutions and covers payments to creditors and shareholders after the full payment to depositors of the defunct bank. The deposit insurer urge relevant stakeholders to visit any of its offices or access the claims page on our website, www.ndic.gov.ng, to download, complete, and submit the verification form along with the prescribed supporting documents. Submissions should be sent to the dedicated email: claimscomplaints@ndic.gov.ng, it said.   The affected banks are; Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), Premier Commercial Bank, North South Bank, and Prime Merchant Bank. Others are Commercial Trust Bank, Cooperative and Commerce Bank, Rims Merchant Bank, Pan African Bank, Fortune Bank, All States Trust Bank, Nigeria Merchant Bank, and Amicable Bank in-liquidation.

NDIC Emerges Overall Best In 2023 ICPC MDAs Scorecard

The Nigeria Deposit Insurance Corporation (NDIC) has won the top position in the Independent Corrupt Practices and Other Related Offences Commission (ICPC) 2023 Ethics and Integrity Compliance Scorecard (EICS). According to a statement by the Corporation on Sunday, “The NDIC has once again demonstrated its unwavering commitment to high ethical standards and compliance with anti-corruption laws and regulations, as it proudly This remarkable achievement marks the second time that NDIC has achieved the prestigious first place, previously having been ranked first in the 2021 EICS.” The ICPC’s Ethics and Integrity Compliance Scorecard (EICS) is an annual assessment tool designed to evaluate Ministries, Departments, and Agencies (MDAs) in Nigeria for their adherence to institutional ethics and integrity requirements. The assessment encompasses the measurement and monitoring of key performance indicators in categories such as Management Culture and Structure, Financial Management Systems, and Administrative Systems. In the 2023 EICS, which took place between March and July 2023 and involved 404 MDAs, the NDIC excelled with a score of 91.30%. The EICS report emphasizes the ICPC’s commitment to mitigating abuse of office and corruption by promoting ethics and integrity benchmarks within government agencies, ultimately contributing to more effective service delivery. “The NDIC’s consistent first-place ranking is a testimony to the Corporation’s zero tolerance policy for corruption and benchmarking its operations with standard best practices. “It would be recalled that the Corporation in September this year earned 3 ISO Certifications having complied with the requirements following a rigorous audit by MSECB, a leading international provider of Audit and Certification services. “These achievements have been possible due to Corporation’s effective and ethical operational procedures aimed at instilling transparency and accountability. The NDIC’s Anti-Corruption and Transparency Unit (ACTU) played a pivotal role in the process, collaborating closely with the ICPC. “This collaboration included sensitizing NDIC staff, identifying and enhancing internal controls to prevent fraudulent practices, and ensuring strict compliance with established policies and procedures by the Corporation’s management,” the Director, Communication & Public Affairs, Bashir Nuhu said in the statement. The NDIC’s outstanding performance in the 2023 ICPC Ethics and Integrity Compliance Scorecard underscores its unwavering commitment to upholding the highest ethical standards and serving as a beacon of integrity within the Public Service. The Corporation remains dedicated to ensuring the safety of deposits and contributing to the stability of the financial system.