FG recovers N22.15b from liquidated banks

THENigeria Deposit Insurance Corporation (NDIC) has disclosed that as at August this year, the cumulated debt recovery from liquidated bankswas N22.158 billion.The Managing Director of NDIC, Umaru Ibrahim who made the disclosure at a meeting with theSenate Committee on Banking, Insurance and other Financial Institutions,also said that depositors' funds in the 24 operating banks in Nigeria stood at N12.15 trillion.Ibrahim further toldthe committee headed by Senator Ayo Adeseun that N8.33 million had been recovered to date fromclosed micro-finance banks.'The total assets of the 24 deposit money banks in operation as at September 2011 stood at about N18.40 trillion while total deposits amounted to N12.15 trillion. For the 24 operating banks as at September 2011, the total insured deposits stood at N1.65 trillion while the deposit insurance fund was N347 billion,' he further said.He added: 'Their assets as at June 2011 stood at N154.34 billion while their total deposits amounted to N68.60 billion. The insured deposits for the reporting MFBS as at June 2011 stood at N51.45 billion, indicating that about 75 per cent of funds in the MFBs are fully covered. So far, the corporation has paid a total sum of N1.28 million as liquidation dividends to shareholders of three banks in-liquidation'.Ibrahim told the committee that the NDIC discovered 560,882 claims by members of the public against 440 illegal banksand put theamount of the claims at N106.94 billion.
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