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Tuesday 21 September 2021
HomeAfrica102m naira realized from sale of failed banks' assets in Nigeria

102m naira realized from sale of failed banks’ assets in Nigeria

The Nigeria Deposit Insurance Corporation (NDIC) said it had realized 102.6 million naira from the sale of physical assets and recovery of loans and advances owed to the 103 closed Micro-Finance Banks (MFBs) in the country (US$1=160).

The private BusinessDay newspaper reported Wednesday that out of the amount, 86.49 million naira was realized from the sales of chattels, while 16.11 million naira was recovered from debts owed to the closed MFBs.

It said the NDIC had also appointed Debt Recovery Agents (DRAs) for the MFBs in liquidation to fast track the recovery of debts owed to the 103 closed MFBs nationwide.

According to NDIC, the South-western state of Lagos has the highest number of 21 recovery agents for 68 closed MFBs, followed by Southern Rivers state and South-west Ogun state with three and two agents each for six and four closed MFBs respectively.

The Corporation also announced a cumulative recovery of 22.263 billion naira for 34 banks in liquidation from 1994 to December 31, 2011.


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