The Nigeria Deposit Insurance Corporation has said it has fully paid both insured and uninsured depositors of 18 closed banks in the country.

NDIC Managing Director, Umar Ibrahim, said this on Thursday in Kaduna at the ongoing 41st Kaduna International Trade Fair organised by the Kaduna Chambers of Commerce Industries, Mines & Agriculture.

Ibrahim said that creditors and shareholders of the closed banks had also been paid liquidation dividends to the tune of N4.987bn as of 31st December 2019.

Represented by the Director Communication and Public Affairs Department of the NDIC, Sunday Oluyemi, Ibrahim said, “NDIC has fully paid all the depositors of 18 closed Deposit Money Banks all their monies (both insured and uninsured) that were trapped in such banks.

“Creditors and shareholders of the closed banks had also been paid liquidation dividends to the tune of N4.987 billion as of 31st December 2019.

“In the same vein, I am delighted to disclose that the Corporation has developed the Framework for the extension of Deposit Insurance cover to the tune of N500,000 per depositor for depositors of Payment Service Banks.”