The Nigerian Deposit Insurance Corporation said it had recovered a cumulative sum of N25.31bn from debtors of Deposit Money Banks in liquidation as at the end of December 2013.
The figure represents an increase of N630m over the cumulative amount of N24.68bn which was recovered as of December 2012.
Similarly, it said a total cumulative recovery of N60.02m was realized from debtors of closed Microfinance Banks in 2013, as against N42.9m realized in 2012.
The corporation in its 2013 Annual Report and Statement of account for the banking sector said these amounts were recovered as part of its failure resolution mechanism followng the failure of the liquidated banks.
The report, a copy of which was made available to our correspondent, was jointly signed by the NDIC Board Chairman, Dr Hassan Adamu and the Managing Director, Alh Umaru Ibrahim.
It said the corporation had in the year under review improved on its supervisory activities of insured institutions in order to protect depositors by ensuring that “unsafe and unsound” banking practices are minimized.
This, it stated, was done through on-site examination and off-site surveillance.
The onsite surveillance, it noted was done through routine, special, target examinations and investigations.
This, the report stated, had helped the corporation realize a cumulative sum of N19.77bn from the disposal of physical assets of closed DMBs in 2013 as against N19.74bn in 2012.
Similarly, it said the sum of N173.3m was realized from the disposal of physical assets of closed MFBs in 2013 as against N157.12m in 2012.
It said. “The NDIC continued to play its role as liquidator of closed insured institutions through asset realization and payment of liquidation dividends to uninsured depositors and other eligible claimants during the year under review.
“In terms of asset realization, the NDIC recovered a cumulative sum of N25.31bn from debtors of DMBs in liquidation as at end of 2013 as against N24.68bm recovered in 2012.
“Similarly, a total cumulative recovery of N60.02m was realized from debtors of closed MFBs in 2013 as against N42.9m realized in 2012, representing an increase of N17.12m or 39.91 per cent.”
The report put the total number of closed DMBs in-liquidation for which the NDIC had obtained winding up orders as at December 31,2013 at 45.
Some of them are Financial Merchant bank Ltd, Kapital Merchant Bank, Alpha Merchant Bank, United Commercial Bank, Abacus Merchant Bank, Allied Bank, Century Merchant Bank, Commerce Bank Plc, Continental Merchant Bank Plc, and Crown Merchant Bank.
Similarly, out of the 103 MFBs whose licenses were revoked by CBN in September 2010, the report stated that the NDIC had successfully closed 95 while the locations of eight could not be traced as at December 31, 2013.
In the same vein, out of the 23 Primary Mortgage Banks whose license were revoked in August 2012, only five were located while 18 were yet to be located for closure as at end of last year.
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