Nigeria: Dead Banks and Living Deposits (III)

25 March 2014

BETWEEN 1994 and 2006, about 48 banks ceased to exist for sundry reasons. Some of the people that had money in these banks, assumed that their money died with the banks. It is not so. Part of their deposits were insured by the Nigeria Deposit Insurance Corporation (NDIC). In the last two editions, we explained how deposit insurance works, the maximum insured deposit, liquidation dividend.

Most importantly, we pointed out that N1.9 billion yet to be collected by depositors of these banks, a lot of efforts had been made to make the owners of this money to come and collect them. The last edition provided information on steps to take to recover your deposits in these banks.The most important requirement is documentation to show that you are the owner of the account. These include unused cheque books, old cheque stubs, passbooks, fixed deposit certificates.

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