30 November 2012

Nigeria: NDIC Pays N73.55 Billion Liquidation Dividends to 250, 119 Depositors in 2011

The Nigeria Deposit Insurance Corporation (NDIC), said it had paid N73.55 billion as liquidation dividends to 250,119 depositors as at Dec. 31, 2011.

The corporation made this known in its 2011 Annual Report, saying that the payments were made to 11 banks out of the 13 liquidated banks within the period under review.

NDIC said that it declared additional liquidation dividends to depositors of Cooperatives and Commerce Bank, Commercial Trust Bank, Commerce Bank and Ivory Merchant Bank.

It said that the capital adequacy ratio of commercial banks rose from 4.06 per cent in December 2010 to 17.71 per cent in December 2011.

It said that the banking industry's capital base was strong during the year under review as equity capital decreased by 11.81 per cent from N249.71 in December 2010 to N220.21 billion in 2011.

NDIC said that banks' reserves with the apex bank increased to N2.266 billion in 2011 from N179.89 billion in 2010.

The report stated that adjusted shareholders funds increased to N1.93 trillion in 2011 from N312.36 billion in 2010.

It said that the improvement in the banking industry's capital adequacy was primarily due to the activities of the Asset Management Corporation of Nigeria (AMCON). (NAN)

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