PRESS RELEASE

NDIC PARLEYS ECOBANK PLC TO STEP UP
PAYMENT OF AIB DEPOSITORS

The Nigeria Deposit Insurance Corporation (NDIC) has called upon the Management of Ecobank Plc to step up the bank’s nationwide depositor awareness campaign to sensitize depositors of the acquired African International Bank Limited (AIB) who are yet to verify their claims to go to the nearest branches of Ecobank and claim their deposits.

Speaking at a meeting with the Management of Ecobank Plc, the Ag. Managing Director/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.  He however appealed to the bank to sustain its nationwide media campaign to sensitize the remaining AIB depositors who were yet to verify and file their claims to do so.  “You can advertise on both television, radio and newspapers in order to reach out to the depositors” he added.

Alhaji Ibrahim pointed out that the Corporation 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.  “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.” he said.

He expressed confidence that so long as the AIB depositors are made aware about the settlement of their deposits, almost all of them would rush and file their claims.

Responding, the Managing Director of Ecobank Plc, Mr. Jibril Aku said the bank assumed the deposit liabilities of AIB to the tune of N10.9 billion.  Out of the N10.9 billion deposit liabilities, 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. 

Mr. Aku also pointed out that his bank 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 the AIB and pasted notices for the depositors to go to the nearest branches of Ecobank and verify their claims.

The Management of both NDIC and Ecobank Plc hereby wish to call upon the depositors of AIB who are yet to claim their deposits to go to the nearest branches of Ecobank and verify their claims.

Ecobank Plc eventually 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.

H. S. BIRCHI
HEAD, COMMUNICATION & PUBLIC AFFAIRS