The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that an estimated N1.5 trillion in outstanding debts and assets is trapped in 150 failed banks and microfinance banks in the country.
Director of Asset Management, Patricia Okosun, disclosed this in an interview after a sensitisation seminar organised by the NDIC legal and asset management departments for debt recovery agents and key stakeholders.
She said the Corporation has intensified efforts to recover the money by strengthening the capacity of debt recovery agents and deploying new legal tools under the NDIC Act 2023 to fast-track recoveries from about 150 banks currently in liquidation.
Okosun said the newly enacted law provides stronger enforcement powers and expanded mechanisms that will significantly improve asset tracing, debt collection, and legal action against debtors and culpable insiders.
The move is part of a broader strategy by the Corporation to improve depositor’s reimbursement, enhance accountability within the banking system, and reinforce public confidence in Nigeria’s financial sector.
Meanwhile, the NDIC has stated that about 99 per cent of Nigerian bank depositors are now fully protected following the upward review of its deposit insurance coverage limits.
Managing Director/Chief Executive of NDIC, Thompson Oludare Sunday, disclosed this on Wednesday at the Corporation’s Special Day during the 47th Kaduna International Trade Fair.
