NDIC Begins Verification of Fortis Microfinance Bank Depositors after Liquidation

By Modupe Gbadeyanka

All insured depositors of Fortis Microfinance Bank Plc have been asked visit branches of the financial institution in order to authenticate that they have funds in the bank.

This became necessary after the Nigeria Deposit Insurance Corporation (NDIC) revoked the operating licence of the lender and officially liquidated it.

As you read this article, operations of Fortis Microfinance Bank across the country have stopped as the bank is no more in existence.

In a notice on its website, NDIC assured that those having their monies trapped in the bank will get them back.

“The Nigeria Deposit Insurance Corporation (NDIC), the official Liquidator of Fortis Microfinance Bank whose license was recently revoked, has concluded arrangement to close the bank and its branches and pay the insured Depositors.

“We are therefore calling all depositors of the bank to visit the bank’s branches and meet NDIC officials for the verification of their claims, commencing from Monday, 4th February, 2019 till Friday, 8th February, 2019,” the notice read.

The agency also urged the bank’s depositors to check the NDIC’s official website for more information on how they can reclaim their funds.

Fortis Microfinance Bank, a company listed on the Nigerian Stock Exchange (NSE) in 2012, has been having corporate governance issues.

The NSE even had to suspend trading in the shares of the financial institution on its platform for failing to adhere to standard corporate governance and extant post-listing requirements that make it mandatory for quoted companies to submit their financial statements within stipulated timelines.