By Cynthia Alo
The Nigeria Deposit Insurance Corporation (NDIC) has strengthened and repositioned its debt recovery agents in a renewed push to recover about N1.5 trillion owed to liquidated Deposit Money Banks (DMBs) and Microfinance Banks (MfBs).
The move, the Corporation said, is aimed at accelerating reimbursement to depositors, many of whom are market women, small business owners and Point-of-Sale, POS, operators affected by the bank failures.
Speaking at the sensitisation seminar organised by the Legal and Asset Management Departments of NDIC for debt recovery agents themed, “Operationalising the Provisions of the NDIC Act 2023 for Effective Debt Recovery,” Director, Legal Department, NDIC, Mr. Olufemi Kushimo, said debt recovery remains critical to depositor reimbursement and financial system stability.
According to him, while the Corporation pays insured deposits from its insurance fund, the recovery of outstanding debts is crucial for settling uninsured deposits and liqu
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