-Shareholders of failed banks compensated by NDIC.
Global Banking News - 09 November 2012
The managing director of Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has stated that NGN87.802 was paid out to shareholders and depositors of banks that were liquidated.
Depositors whose claims exceeded the insured amount as at end of August 2012 were paid a liquidation dividend aggregating NRN77.384bn. The recipients were customers of 48 banks that were closed down.
The NDIC had paid cumulative insured deposits of NRN6.682bn to depositors as of the end of August. An earlier NRN6.636bn was paid as at end of December 2011, said Ibrahim.
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