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Failed Banks: Senate to Investigate Non-Payment of Depositors

This Day The non-payment of 775,760 depositors of failed banks by the Nigeria Deposit Insurance Corporation (NDIC) about six years after the banks went under will soon be a subject of investigation by the Senate following a litany of petitions forwarded to it by depositors.
So far, only 225,000 depositors, (representing 15 per cent of the 1,000,760 depositors of the failed banks prior to the recapitalisation of banks), have been settled since the affected banks went under.
The total amount due for payment to depositors was put at N22 billion by the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Nkechi Nwaogu, in an interview with Senate correspondents in Abuja at the weekend.
According to her, “The pre-consolidated failed banks and the number of customers were 1,000,760 and total amount, in terms of money, is N22 billion; and, out of that N22 billion, only 225,000 customers have been paid.

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