The Nigeria Deposit Insurance Corporation (NDIC) on Tuesday disclosed that it has successfully liquidated 467 financial institutions till date, that is, of both depositors and creditors.

The insured financial institutions, according to the Corporation, comprise of 49 Deposit Money Banks (DMBs), 367 Microfinance Banks (MFBs) and 51 Primary Mortgage Banks (PMBs) as at the end of December 2021.

The Managing Director and Chief Executive Officer (CEO) of the NDIC, Mr. Bello Hassan, made this known in Abuja, during the opening ceremony of the International Association of Deposit Insurers (IADI), Africa Regional Committee Technical Assistance Workshop hosted by the NDIC.

The workshop has as its theme: “Normality in Turbulent Periods: The Stabilising Role of Deposit Insurance Hassan said: Presently, economies globally are stressed, some are still recovering from the impact of COVID-19 pandemic and the spill-over effects of the Russia-Ukraine war. As we are all aware, the fabric of the global financial stability is constantly being threatened by one form of crisis or the other.

“Furthermore, the crises led to the review of some of the design 3 features of explicit deposit insurance system in many countries to accommodate emerging developments in the domestic and global financial system”.

Adding that this workshop therefore creates a veritable platform for knowledge and experience-sharing in fulfilling the vision and mission of IADI. I am optimistic that at the end of this Workshop, strategies for system-wide crisis preparedness and resolution options in promoting financial stability in the region would emerge.