NDIC Breaks Silence, Clarifies Critical Issues as Savannah Bank Liquidation Saga Lingers

Amidst the growing tensions and skepticism among customers, the Nigeria Deposit Insurance Cooperation NDIC has revealed its stance on the circumstances surrounding the Cooperation’s License.

The Managing Director of NDIC, Mr Bello Hassan has clarified issues on the lingering saga, that Savannah Bank is intact and licensed.

This was made known by the Managing Director of NDIC, Mr Bello Hassan while speaking during the Corporation’s Special Day at the ongoing 45th Kaduna International Trade Fair, in Kaduna state.

Meanwhile, Hassan, who was represented by the Deputy Director, of Public Affairs, NDIC, Hauwa Gambo Jimeta, said: “Savannah Bank’s license was withdrawn some years back by the Central Bank of Nigeria, but the owners of the Bank took NDIC and CBN to court and the license was returned to Savannah Bank.

He, however, affirmed that at the moment, Savannah Bank is officially a licensed bank but has yet to return to business, while begging the depositors of Savannah Bank to be more patient with them as they step up actions to soon return to work in full.

He said: “I know that the authorities are working so hard to ensure that, depositors’ interests are safeguarded. So, depositors of Savannah Bank should please keep their vital records and papers, proof of accounts and all that, because Savannah Bank is still licensed.”