Clear Trapped Deposits in AIB, NDIC Tells Ecobank


By Emele Onu, 07.11.2010 


The Nigeria Deposit Insurance Corporation (NDIC) has called on the Management of Ecobank Plc to conclude payments to all depositors of the acquired African International Bank Limited (AIB).


The bank is yet to pay about N1.6 billion, out of the N10.9 billion deposits it assumed in former AIB. 
The NDIC in a statement made available to THISDAY, urged Ecobank to step up nationwide depositor awareness campaign to sensitise depositors of the acquired bank who are yet to verify their claims to go to the nearest branches of Ecobank and claim their deposits.The corporation said the management of NDIC and those of Ecobank Plc, held a meeting where the Ag. Managing Director and Chief Executive of NDIC, Alhaji Umaru Ibrahim, noted the efforts made so far by the bank in the payment of a large number of AIB depositors but requested the management to do more in ensuring that all claims are cleared. 


“You can advertise on both television, radio, and newspapers in order to reach out to the depositors” the NDIC boss was quoted to have said.Ibrahim pointed out that the NDIC had in the past received serious complaints from its key stakeholders, including Federal Ministry of Finance, National Assembly, customers of the AIB and the general public about the non-payment of the AIB depositors. It said: “There was public concern about the AIB and both the National Assembly and Federal Ministry of Finance have been asking what is happening to the AIB depositors.”


According to the statement, the Managing Director of Ecobank Plc, Mr. Jibril Aku told the NDIC management that Ecobank assumed the deposit liabilities of AIB to the tune of N10.9 billion, out of which, he said, the bank had paid a total sum of N8.278 billion to depositors of the acquired AIB who had already verified their claims, including some depositors whose claims did not appear in the original deposit register. 


Aku pointed out that Ecobank had mounted a nationwide media campaign on television, radio and newspapers, calling on the remaining depositors of the AIB who where yet to file their claims to do so.  He also said the bank had visited some old branches of AIB and pasted notices for the depositors to go to the nearest branches of Ecobank and verify their claims.


Ecobank Plc acquired AIB on November 24, 2008 after the collapse of the acquisition bid by Diamond Bank Plc.  The acquisition was effected as a Share Sale and Purchase Agreement (SSPA) between AIB, Ecobank and a nominee company (Resources Venture Capital) whereby the entire shareholding of AIB was transferred to Ecobank while former shareholders of the AIB were paid their respective share purchase.






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