The Nigeria Deposit Insurance Corporation, NDIC says it has paid more than thirty-four thousand depositors of microfinance banks whose licenses were recently withdrawn.
The cooperation gave details of the ongoing liquidation at a sensitization seminar that held in Port Harcourt for selected senior
judicial officials in the country.
When banks or other financial institutions fail or have their licences withdrawn, it is the Nigeria Deposit Insurance Corporation that steps in
to ensure that depositors do not lose their money.
The Central Bank of Nigeria recently pulled the plug on about 179 micro finance banks and 4 primary mortgage institutions.
As concerns grow over the fate of investors, the NDIC says there is no cause for alarm.
Often times resolution of these matters requires the court’s intervention.
The essence of the seminar is to see how the third arm of Government can contribute more in helping the NDIC achieve its mandate.
It had in attendance the President of the National Industrial Court and the Chief Judge of Rivers State, Simeon Amadi amongst others.
The task of boosting investor confidence reemphasizes the burden placed on the judiciary to ensure speedy dispensation of justice.
The seminar also discussed the enforcement and execution of judgments against banks in liquidation as an important step to guaranteeing
protection of investors.
