Benin City — The Nigerian Depositors Insurance Corporation (NDIC) yesterday said it has paid a total of N11.76 billion as insured sum to 535,815 depositors, while N101.666 billion was also paid as uninsured sum from 1989 to June ,2021.
The Managing Director/, Chief Executive Officer, Mr. Bello Hassan, disclosed this in Benin City, Edo State at the ongoing Edo International Trade Fair.
Represented by the Corporation Senior Manager, Benin Zone, Mr. Udofor Ukpom, Hassan said since the establishment of NDIC in 1989 as a statutory agency of government with four broad mandates, it has been protecting depositors by providing an orderly means of resolution and reimbursement in the event of bank failures.
He listed the four mandates of NDIC as deposit Guarantee, bank supervision, distress resolution and bank liquidation, with the primary public policy objectives of contributing to…