NDIC Recovered N28.48bn From Debtors of DMBs In-liquidation

The Nigeria Deposit Insurance Corporation (NDIC), said it recovered N28.48 billion from debtors of Deposit Money Banks (DMBs) in-liquidation as at Dec. 31, 2017. Alhaji Umaru Ibrahim, NDIC’s Managing Director/Chief Executive Officer said this in the Corporation’s 2017 Annual Report, a copy of which was made available to the News Agency of Nigeria (NAN) on Sunday in Abuja. Ibrahim said the sum was higher than the N28.16 billion realised in 2016.

“To date, a total of N125.13 million was realised from debtors of closed Microfinance Banks (MFB) as at Dec. 31, 2017. Debt recoveries from Primary Mortgage Banks (PMBs) increased by 22.60 per cent from N195.17 million in 2016 to N239.27million in 2017. The sum of N21.39 billion was realised from disposal of physical assets of closed DMBs compared to N21.21 billion in 2016. The sum of N386.11million was also recovered from the sale of physical assets of MFBs in the period under review as against N361.45 million recovered in 2016. Also, the value of physical assets recovered from PMBs was N77.87 million in 2017, compared to N75.50 million as at Dec. 31, 2016,’’ Ibrahim said.

According to Ibrahim, the NDIC paid N11.50 billion to depositors, creditors, shareholders and other stakeholders of closed financial institutions in the year under review. The NDIC boss said the corporation’s Deposit Insurance Fund (DIF) stood at N959.55 billion, Special Insured Institutions Fund (SIIF) was N114.39 billion, and its Non-Interest Deposit Insurance Fund (NIDF) stood at N0.693 billion in the period under review. Ibrahim said NDIC operating income increased from N122.68 billion in 2016 to N146.47 billion in 2017 and its total operating expenses decreased from N93.60 billion to N63.55billion in 2017. He further said that the corporation remitted N22.77 billion per audit to the Consolidated Revenue Fund (CRF) of the Federation as at Dec. 31, 2017. (NAN)

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