Abstract:
The aims of this papui is to appraise the Nigerian deposit Insurance Corporation (NDIC) Liquidation activities in Failed Banks: Claim Settlement; amount and number of depositors so far paid; reason behind the abandonment of deposits by some depositors; level of liquidation proceeds realiied and how it has been managed: fairness of bad debt litigation disposition and the adequacy of the insurance deposit.
To achieve the above objectives the author relied on questionnaire, personal interviews and visit to the site, For primary data; from past literature, Jour nals and dailies for the secondary data. The statistical tools used in the analysis are the simple percentages, tables, pie charts and the bill charts.
The study revealed the following:
1) NDIC has been delaying in settling both the insured and the
uninsured depositors, the delay was found to be attributed to
a) The inadequate preparation by the NDIC in both human and material resources
b) The inability of tlie depositors to put forward their claim on time for verification .
2) Rigorous claim filing process adopted by NDIC, lack of proper
awareness on the side of depositor were found to be chief reason for the abandonment of claims by depositors.
3) A sizeable amount has Keen realized from sale of fixed assets,
riot much from debt recovery.
4) The amount realized has not been managed to the interest of
depositors, as some amount were not accounted for, while a huge sum was written off as expense.
5) The size of the insured deposit was found to be inadequate.
