The Nigeria Deposit Insurance Corporation (NDIC) says it has paid N113.2 billion to insured and uninsured depositors of all categories of liquidated banks as of June 2022.
A bank is said to be liquidated when it can no longer finance the operation of its branches, selling off any assets and using the proceeds to settle as many of the bank’s remaining liabilities as possible.
The NDIC said the payment covered a total of 467 insured financial institutions in liquidation, comprising 49 deposit money banks, microfinance banks, and 51 primary mortgage banks.
