NDIC realised N103M from assets of 103 failed MFBs

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that it realized the sum of N102.6 million from the sales of assets and advances owned to the 103 failed Micro Finance Banks (MFBs) in the country. A statement signed by the Mr Hadi Birchi, NDIC Head communications and Public Affairs said “A total sum of N102.6million has so far been realised from the sale of physical assets and recovery of loans and advances owed to the 103 closed MFBs. Out of the amount, the sum of N86.49 million was realised from the sales of chattels while N16.11million was recovered from debts owed to the 103 closed MFBs.’’
According to the statement, the corporation has called on all debtors of the 103 closed MFBs to settle their debts or face the full wrath of the law. It added that debtors had also been advised to crosscheck their names and addresses of the recovery agents assigned to the banks they are indebted to and make necessary arrangements to offset their debts. The statement noted that the corporation had recovered a cumulative sum of N22.263 billion for 34 banks in liquidation from 1994 to Dec. 31, 2011.
It also said that NDIC had appointed Debt Recovery Agents (DRAs for Microfinance Banks (MFBs) in liquidation to fast track recovery of debts owed to the 103 closed MFBs nationwide. It said that Lagos State had 21 agents for the 68 closed MFBs while Rivers and Ogun have three and two agents for the six and four closed MFBs in their states respectively. It added that Oyo State has one recovery agent for four closed MFBs while Edo and the Federal Capital Territory (FCT) have one recovery agent for three closed MFBs each.