ndic:

*Insists no cover for virtual currency subscribers

The Nigeria Deposit Insurance Corporation (NDIC) has insisted that the defunct Savannah Bank remains a bank with an operational license even though it is currently not in operation.

The corporation further clarified that the bank is not presently under its purview as it has not yet been declared as a liquidated financial entity.

Managing Director/Chief Executive, NDIC, Alhaji Umaru Ibrahim, gave the clarification, against the backdrop of growing anxiety over the fate of the institution.

The bank initially had its operating license revoked by the Central Bank of Nigeria (CBN) but challenged the …