Regulatory Alerts2004-06-25 | TED-AD-78-2004Circular to All Licensed Community Banks and Primary Mortgage Institutions
This June 23, 2004 circular addresses all licensed community banks and Primary Mortgage Institutions (PMIs) in Nigeria. The Nigerian Deposit Insurance Corporation (NDIC), with consultation from the Central Bank of Nigeria, is implementing insurance coverage for deposits at these institutions. As a result, NDIC has authorization to examine their records periodically and receive quarterly returns. All licensed community banks and PMIs are required to provide necessary information upon request by the NDIC in order to successfully fulfill its new responsibilities.
Central Bank Of Nigeria, Lagos
OUR REF: OFID/DO/CIRC/VOL.388 June 23, 2004 CIRCULAR TO ALL LICENSED COMMUNITY BANKS AND PRIMARY MORTGAGE INSTITUTIONS RE: AUTHORITY TO EXAMINE YOUR RECORDS BY THE NIGERIAN DEPOSIT INSURANCE CORPORATION (NDIC).
This is to inform all deposit taking financial institutions that the NDIC in consultation with the CBN is making arrangements to provide insurance cover to the Deposits of licensed community banks and Primary Mortgage Institutions To that effect, the corporation is authorised to examine the records of all licensed community banks from time to time and also receive your quarterly returns. All licensed community banks and Primary Mortgage Institutions are therefore, enjoined to oblige the corporation with their returns and any other information it may need to accomplish this task.
Thank you for your corporation.
POLYCARP NWOSISI For DIRECTOR, OTHER FINANCIAL INSTITUTIONS DEPT.