FG Lists 20 Failed Banks, Asks Depositors to Come For Their Money

NDIC Lists 20 Failed Banks, Depositors to Receive N16.18 Billion in Liquidation Dividends.

In a significant update, the Nigeria Deposit Insurance Corporation (NDIC) has released the names of 20 failed banks whose depositors, creditors, and shareholders are set to receive an additional N16.18 billion in liquidation dividends. This brings the total liquidation dividends to N61.63 billion, exceeding insured sums for depositors of these banks.

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Contrary to recent reports suggesting the closure of new banks in Nigeria, the NDIC clarified that the 20 banks in question had previously shut down due to the revocation of their operating licenses by the Central Bank of Nigeria (CBN) between 1994 and 2018.

Bashir Nuhu, the Director of Communications and Public Affairs at NDIC, debunked the rumors during a statement in Abuja on November 13, 2023.

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Closed  Banks In Nigeria today

The liquidated banks are as follows:

1. Liberty Bank
2. City Express Bank
3. Assurance Bank
4. Century Bank
5. Allied Bank
6. Financial Merchant Bank
7. Icon Merchant Bank
8. Progress Bank
9. Merchant Bank of Africa (MBA)
10. Premier Commercial Bank
11. North-South Bank
12. Prime Merchant Bank
13. Commercial Trust Bank
14. Cooperative and Commerce Bank
15. Rims Merchant Bank
16. Pan African Bank
17. Fortune Bank
18. All States Trust Bank
19. Nigeria Merchant Bank
20. Amicable Bank

NDIC’s communication also emphasized that the additional payment resulted from recoveries from debtors of the liquidated banks.

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In the payment process, the NDIC advised depositors to visit the bank’s old premises or the nearest NDIC office with proof of account ownership and identification documents. The verification process is part of NDIC’s responsibility for deposit guarantee and reimbursement in the event of a bank failure.

This development reinforces NDIC’s commitment to ensuring that depositors and stakeholders of liquidated banks receive their entitled funds. As the Corporation continues to recover assets from debtors, depositors can expect further payments beyond the insured sums.

As the financial landscape undergoes changes, the NDIC remains a key player in safeguarding the interests of depositors and maintaining stability in the banking sector.