More than ?120 billion disbursed as compensation to shareholders and customers of bankruptcies – NDIC

Recall that the NDIC had previously guaranteed DMB clients' investments in Nigerian banks would be secure.As of June 30, 2023, the Nigeria Deposit Insurance Corporation (NDIC) reported that it has made reimbursements to shareholders, creditors, and depositors of bankrupt banks totaling approximately ?120,262,406 billion.Tanko Ibrahim, a corporation official, made this revelation to children at Government Secondary School, Tundun Wada in the Federal Capital Territory of Abuja during a financial literacy program with the topic "Conquer your tomorrow through savings."Ibrahim claims that 444,010 insured depositors of Deposit Money Banks (DMBs) received ?8.269 billion as settlement, while uninsured depositors received ?102,092 billion. He went on to say that 980 stockholders received ?4.895 billion, while around 1,027 debtors received ?1.281 billion. 97,419 insured depositors in the Microfinance Banks (MFBs) got ?3.639 billion, while the uninsured got a settlement of ?20.206 million.