Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation, Umaru Ibrahim. Image: Guardian NG

Nigeria Deposit Insurance Corporation (NDIC) has paid N11.50 billion to depositors and other creditors of failed financial bodies in the country in 2017

This was revealed on Wednesday by the NDIC Managing Director and Chief Executive Umaru Ibrahim at the Abuja International Trade Fair.

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Ibrahim said the corporation had made a full and final liquidation of dividends to depositors of the defunct Eagle and Financial Merchant Banks (in-liquidation).

“The corporation continued to make strenuous efforts in its debt recovery drive, even in the face of all odds,” the NDIC boss said.

“Total recoveries from debtors of failed banks by the NDIC in 2017 amounted to N368.43 million, which brought cumulative recovery from debtors to N28.84 billion.”