Savannah Bank not liquidated, says NDIC

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The Nigeria Deposit Insurance Corporation has said Savannah Bank is not liquidated.

It consequently urged depositors of the bank to keep their account documents, as their bank is still licensed.

This disclosure was made by the Managing Director of NDIC, Bello Hassan while speaking during the Corporation’s Special Day at the ongoing 45th Kaduna International Trade Fair, in Kaduna state.

Hassan, who was represented by the Deputy Director, Public Affairs, NDIC, Hauwa Gambo Jimeta, said: “Savannah Bank’s license was withdrawn some years back by the Central Bank of Nigeria, but the owners of the Bank took NDIC and CBN to court and the license was returned to Savannah Bank. So, at the moment, Savannah Bank is officially a licensed bank but has yet to return to business.

“I know that the authorities are working so hard to ensure that depositors’ interests are safeguarded. So, depositors of Savannah Bank should please keep their vital records and papers, proof of accounts and all that, because Savannah Bank is still licensed,” Hassan said.

He further revealed that the Corporation has enhanced collaboration with the judiciary for speedy prosecution of failed insured institutions. This concerted effort, he noted, has resulted in resolving long-drawn cases of closed banks such as Fortune and Triumph Banks in liquidation.

“Moreover, we have utilised Alternative Dispute Resolution (ADR) mechanisms and out-of-court settlements, revitalising our liquidation activities. These efforts have significantly improved our debt recovery rate, enabling us to declare 100 per cent liquidation dividends to uninsured depositors of more than 20 deposit money banks in liquidation.”

“Most importantly, we continually strengthen our systems, processes, and procedures to enhance transparency and accountability across our operations. Notably, the Corporation achieved remarkable success in reimbursing depositors during the recent closure of 179 Microfinance Banks (MFBs) and 4 Primary Mortgage Banks (PMBs), ensuring timely payment of insured sums.

“We also deployed digital remote payment strategies to facilitate electronic funds transfers to verified depositors’ alternate bank accounts. It is essential to emphasise that payments are ongoing, with depositors holding funds exceeding the insured limit set to receive liquidation dividends following debt recovery and asset sales.

“Furthermore, we have deployed a mobile application and updated our website for online claims processing, offering depositors the option of virtual verification during payout exercises.

“I urge depositors of banks in liquidation to utilise these initiatives to claim their funds trapped in closed banks. Rest assured, NDIC remains committed to protecting Nigerian depositors and striving to be one of the best deposit insurers globally,” he said.