₦airaland Forum

Post has been moved to the link in my Signature

The stickers state that deposits are insured only up to 500 000 Naira. Though not in these exact words.

time never reach

...

mynaijaforumcom:
While waiting on the queue, I observed this NDIC, Nigeria Deposit Insurance Corporation sticker which I have seen displayed on my ATM during transactions kept within plain sight with intention.
Does it mean that in the event of failure of Financial Institutions, any deposits for a single Individual in various accounts linked through BVN will only be refunded up to 500 000 Naira.
Experts, please bring your opinions on this matter.
Follow the link in my signature for the original Article.

What you see is what you get. Each depositor is guaranteed a minimum of N500,000 at the first instance (if deposit is above N500,000) in case of bank failure. For those with deposit of less than N500,000, they will get exactly the amout they deposited. If there is still money left after liquidation of the bank, they will call the depositors with deposit above N500,000 and share it to them according to their deposit. If the money is enough to pay everybody in full (very unlikely), they will call the shareholder and give them the balance.


However, it is highly unlikely for a bank to fail in Nigeria nowadays. If a bank is distressed beyond redemption, CBN and AMCON simply steps in to acquire the bank thereby safeguarding depositors money. The big time shareholders of the bank who are in charge of management simply walk away with the looted bank funds and petty shareholders like you and me lose all our investments.

Yes, you are entitled to 500k after bank's failure. But you may get more after the non-deposit creditors have been settled through disposal of Assets.

Though, CBN is really monitoring the banks' Liquidity. Polaris, Keystone and Heritage Banks are good examples.

For fear-fear like you, having idle funds that they are not using, please go for Treasury Bills. it's more secured than Deposits.

MyDear the best investment is Real Estate.

seunmsg:
What you see is what you get. Each depositor is guaranteed a minimum of N500,000 at the first instance (if deposit is above N500,000) in case of bank failure. For those with deposit of less than N500,000, they will get exactly the amout they deposited. If there is still money left after liquidation of the bank, they will call the depositors with deposit above N500,000 and share it to them according to their deposit. If the money is enough to pay everybody in full (very unlikely), they will call the shareholder and give them the balance.


However, it is highly unlikely for a bank to fail in Nigeria nowadays. If a bank is distressed beyond redemption, CBN and AMCON simply steps in to acquire the bank thereby safeguarding depositors money. The big time shareholders of the bank who are in charge of management simply walk away with the looted bank funds and petty shareholders like you and me loss all our investments.

What if the depositor has a sum above 500k but spread across 2-3 banks?

TonyeBarcanista:
What if the depositor has a sum above 500k but spread across 2-3 banks?

All the three banks cannot fail at the same time now. The portion kept in the failed bank would be the sum to be paid by NDIC.

seunmsg:
All the three banks cannot fail at the same time now. The portion kept in the failed bank would be the sum to be paid by NDIC.

Then no cause for alarm

OP thank you for this

TonyeBarcanista:
Then no cause for alarm

OP thank you for this

e be like say you don loot funds keep everywhere.



Re you still in Pdp or you have decamped yet again

TonyeBarcanista:
What if the depositor has a sum above 500k but spread across 2-3 banks?

you actually get 500k for each accounts even if it's in the same bank or different banks all linked with bvn.

masseratti:
you actually get 500k for each accounts even if it's in the same bank or different banks all linked with bvn.

Thanks so much.

Fear sha catch me

Captainrambo2:
e be like say you don loot funds keep everywhere.



Re you still in Pdp or you have decamped yet again

Hahaha I no be looter o... Legit hustler

omowolewa:
Yes, you are entitled to 500k after bank's failure. But you may get more after the non-deposit creditors have been settled through disposal of Assets.

Though, CBN is really monitoring the banks' Liquidity. Polaris, Keystone and Heritage Banks are good examples.

For fear-fear like you, having idle funds that they are not using, please go for Treasury Bills. it's more secured than Deposits.

MyDear the best investment is Real Estate.

flood never do your land something abi.
elrufai never demolish your estate before



risk dey every where

TonyeBarcanista:
Thanks so much.

Fear sha catch me

lolz

seunmsg:
What you see is what you get. Each depositor is guaranteed a minimum of N500,000 at the first instance (if deposit is above N500,000) in case of bank failure. For those with deposit of less than N500,000, they will get exactly the amout they deposited. If there is still money left after liquidation of the bank, they will call the depositors with deposit above N500,000 and share it to them according to their deposit. If the money is enough to pay everybody in full (very unlikely), they will call the shareholder and give them the balance.


However, it is highly unlikely for a bank to fail in Nigeria nowadays. If a bank is distressed beyond redemption, CBN and AMCON simply steps in to acquire the bank thereby safeguarding depositors money. The big time shareholders of the bank who are in charge of management simply walk away with the looted bank funds and petty shareholders like you and me lose all our investments.

Thanks to Charles Soludo under OBJ.

Danzakidakura:
Thanks to Charles Soludo under OBJ.

What were the policies he put in place?