Members of the newly inaugurated Board of the Nigeria Deposit Insurance Corporation (NDIC) have stated their commitment to the formulation of sound policies to enhance the safety and stability of the nation’s financial system as a way of justifying the confidence reposed in them through their appointment. The Chairman, Mrs Ronke Shokefun, stated this at […]
Read More The Nigeria Deposit Insurance Corporation (NDIC), Thursday, disclosed it remitted ₦7 billion into the Consolidated Revenue Account (CRF) as its operating surplus for 2018 financial year, in line with the dictates of the Fiscal Responsibility Act. The Managing Director/ Chief Executive of the Corporation, Umaru Ibrahim made the disclosure at the inauguration of its newly-appointed […]
Read More The Nigeria Deposit Insurance Corporation (NDIC) has been formerly admitted as full member of the Islamic Financial Services Board (IFSB). The NDIC joins the Central Bank of Nigeria (CBN) as the other Nigerian institution on the Board of the IFSB. The approval for the membership of the NDIC was conveyed to the corporation via mail […]
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The Nigeria Deposit Insurance Corporation (NDIC) said it saved about ₦949.6 billion depositors’ funds in failed Skye Bank. Its Managing Directors, Alhaji Umaru Ibrahim, disclosed this in Benin City on Tuesday at the opening of a workshop for financial journalists organised by NDIC. He said the saving was achieved through the adoption of bridge bank […]
Read More The Nigeria Deposit Insurance Corporation and the Central Bank of Nigeria are monitoring the investigations by law enforcement agencies against the directors and management of the failed Skye Bank Plc. The move is to determine their culpability in the failure of the bank. The Managing Director and Chief Executive of the NDIC, Umaru Ibrahim, said […]
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The Central Bank of Nigeria, CBN, Tuesay, said it has revoked the licence of Garu Microfinance Bank, a microfinance institution in Bauchi state. According to the News Agency of Nigeria, a manager of the bank, Ibrahim Abubakar, confirmed the revocation in Bauchi, adding that the bank had been taken over by Nigeria Deposit Insurance Corporation, […]
Read More About ₦11.50 billion has been paid to financial institutions, the Managing Director and Chief Executive, Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has said. Ibrahim sad the payments were made to depositors, creditors, shareholders and other stakeholders of closed financial institutions in December, 2017. He spoke at the NDIC Special Day at the Abuja International […]
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The Managing Director of Cowry Asset Management Limited, Mr. Johnson Chukwu, has described the recent revocation of the operating licence of the defunct Skye Bank and the assumption of the bank’s assets and liabilities by Polaris Bank Limited as “an inevitable route to resolving the bank’s solvency problem.” Speaking in a chat with THISDAY, Chukwu, […]
Read More The Central Bank of Nigeria (CBN) Friday revoked the licence of Skye Bank, and transferred its assets and liabilities to a newly licensed bridge bank called Polaris Bank. Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC) has sold Polaris Bank to the Asset Management Corporation of Nigeria (AMCON) with the mandate to stabilise the bank as […]
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The Nigeria Deposit Insurance Corporation (NDIC) is assisting the Uganda Deposit Protection Fund (DPFU) to develop capacity to implement the Deposit Insurance System (DIS) in the East African country. The Corporation recently hosted a five-member delegation from DPFU who arrived the country to understudy the activities of the Corporation. The NDIC has been the destination […]
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Barring any last minute hitch, over 10, 000 former bankers who filed a class action suit through the Registered Trustees of the Association of Ex-Staff of Non-Consolidated Banks of Nigeria at the National Industrial Court, Lagos Judicial Division have resolved to file individual suits. Confirming this development at the weekend in a telephone interview with […]
Read More The Nigeria Deposit Insurance Corporation (NDIC) has successfully obtained three certifications from the British Standards Institution (BSI) for Information Security Management System ISO/IEC 27001:2013, IT Service Management System ISO/IEC 20000-1:2011 and Business Continuity Management System, ISO 22301:2012 after a rigorous process of satisfying the conditions precedent to accreditation. The British Standards Institute UK thoroughly engaged […]
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