How NDIC intervened in Fortis Microfinance Bank

Contrary to misleading reports, the Nigeria Deposit Insurance Corporation (NDIC) has adhered to statutory guidelines on the distress resolution and liquidation of Fortis Microfinance Bank (MFB) Plc. and the protection of interest of depositors.

Director, Communication & Publication Affairs, Dr. Sunday Oluyemi in a statement on Wednesday in Abuja said the initial efforts by regulatory authorities involved the setting up of joint CBN/NDIC Interim Management Committee (IMC) to manage the affairs of the bank towards stemming the tide of its mismanagement and also to protect the interest of its depositors.

The intervention by the IMC also included the payment of N2 billion released to it by the Committee of Governors of CBN to the bank’s depositors in order to ease the hardship being experienced by them.

Concerning complaint by a businesswoman, Mrs Uju Ohanenye, who accused the Corporation of failure to pay the balance of N222.4m out of the fixed deposit of N301 million she lodged with Fortis Microfinance Bank (MFB) Plc, the NDIC has paid over N74.9 million.

“Under normal circumstances, the Corporation does not join issues with depositors of failed financial institutions in public for obvious reasons, but because Mrs. Ohanenye has already made the details of her reported petition public, coupled with the fact that the same report is capable of misleading millions of innocent Nigerians particularly on the scope, benefits and limitations of the Deposit Insurance System (DIS) in Nigeria, the NDIC is constrained to issue this statement.”

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