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Tag Archives: NDIC

FMBN rallies NDIC on loan recovery in distressed Primary Mortgage Banks

Primary Mortgage Banks

“The Federal Mortgage Bank of Nigeria (FMBN) has engaged the assistance of the Nigeria Deposit Insurance Corporation (NDIC) for the recovery of its funds trapped in distressed Primary Mortgage Banks (PMBs) and liquidated commercial banks in the country.”- The Guardian Already, FMBN has received and executed agreements in respect of six out of eight distressed Primary Mortgage Banks and hopes ...

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NDIC says N2.54bn MDAs, LGs’ funds are trapped in 47 failed banks

NDIC says N2.54bn MDAs, LGs’ funds are trapped in 47 failed banks

The Nigeria Deposit Insurance Corporation, NDIC, has made it known that more than N2.54 billion belonging to some local governments and Ministries, Departments and Agencies (MDAs) of the federal and state governments are trapped in 47 banks in-liquidation, without the affected parties filing proof of claims for insured deposits and liquidation dividends. Vanguard reports that the sum was broken down as ...

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NDIC floors Union Bank, firm over ownership of Fortune Towers

Fortune Towers, Victoria Island, Lagos

Nigerian Deposit Insurance Corporation (NDIC) has succeeded in moving the Court of Appeal, Lagos, to set aside a ruling of a Lagos High Court, which held that the corporation’s suit on the lingering crisis on the ownership of an imposing complex, popularly known as Fortune Towers, situated at No. 27/29 Adeyemo Alakija Street, Victoria Island, Lagos, was an abuse of ...

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HOUSING: FMBN gets 10,596 applications for N48b NHF Loan

IN a fresh move to provide housing for Nigerians, the apex mortgage institution – Federal Mortgage Bank of Nigeria [FMBN] plans to provide National Housing Fund (NHF) loan to 10,596 applicants, worth about N48 billion. FMBN Managing Director, Mr. Gimba Ya’u Kumo, announced the new funding last week during the NDIC year 2014 Sensitization Workshop for operators of Primary Mortgage ...

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