mortgage-0215 mortgage banks fail to meet deposit insurance obligations


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Depositors of 15 out of the 42 Primary Mortgage Operators (PMBs), risk their deposits as their mortgage institutions are yet to meet their premium obligations, the Nigeria Deposit Insurance Corporation has said.

The Managing Director of NDIC, Umar Ibrahim, made the disclosure at the second sensitisation workshop for primary mortgage banks by the NDIC with the theme ‘Implementing Differential Premium Assessment System (DPAS) in PMBs in Nigeria’.

Primary Mortgage Institutions (PMIs) are expected to pay 8/16 of 1% (i.e. 50 basis points or 0.05%) of their certified deposit liabilities for the preceding year as premium for deposit insurance to the NDIC.

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