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NDIC Moves to acquire landed assets of banks In-liquidation in FCT

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By Chibisi Ohakah, ABUJA

Nigeria Deposit Insurance Corporation (NDIC) has commenced the collation of the data on landed properties in the Federal Capital Territory (FCT) belonging to banks in-liquidation in Nigeria. 

The apex bank said this move will assist in the settlement of the banks’ depositors.

Chairman of the NDIC’s board of directors, Mrs. Ronke Sokefun, who stated this in Abuja, disclosed that in recent years, the Corporation has faced some serious problems with the settlement of depositiors of failed banks. “The NDIC has faced challenges in the full payment of trapped depositors’ funds as a result of difficulty in realising assets of banks in-liquidation due to poor documentation by the banks, revocation of title by authorities and litigations over the assets,” she said

Mrs Sokefun who spoke during a courtesy visit by the board to the office of the Minister of the Federal Capital Territory, Mallam Mohammed Musa Bello, in Abuja, noted that some of the assets were located within the FCT, while a lot more are outside the nation’s capital.

According to the NDIC chairman, he Corporation needs the support of the FCT administration in the effective discharge of its mandate on customer deposits, which is basically the guarantees that ensures that depositors recover their savings in the event of bank failure.

Elaborating on the roles and relationship between the NDIC and the Asset Management Corporation of Nigeria (AMCON) in the management of banks assets, the NDIC chairman explained that the Corporation, as a liquidator, focuses on the assets of closed banks following revocation of their licence by the Central Bank of Nigeria (CBN), while AMCON is involved with only non-performing loans (NPLs) of existing banks acquired by it.

Responding, the FCT Minister pointed out that problems relating to landed properties in the FCT were usually not caused by the ministry but from issues arising from the title of such properties. He however promised that the ministry would be ready to assist the Corporation in resolving issues relating to its properties and those of banks in-liquidation in the FCT within the ambit of the law.

Musa Bello commended the Corporation for its active support of the development in the FCT education sector through the donation of furniture and books as well as its financial assistance in support of the ministry’s fight against the COVID-19 Pandemic.

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