As of July 2023, the Nigeria Deposit Insurance Corporation (NDIC) has paid out N45.45 billion in liquidation dividends overall, which was more than the guaranteed amounts to depositors of the 20 liquidated banks.
In response to recent news reports claiming the liquidation of 20 banks, the Corporation’s Director of Communication and Public Affairs, Bashir Nuhu, made this announcement in Abuja. He clarified that the 20 banks mentioned in the reports were among those that had previously closed as a result of the Central Bank of Nigeria (CBN) rescinding their operating licenses between 1994 and 2018.
He noted that by paying the guaranteed amounts owing to depositors, the NDIC has fulfilled its obligation and the public should be informed of this.
In his own words: “The Corporation has announced an additional N16.18 billion in liquidation dividends to be paid to depositors, creditors, and shareholders of the 20 banks in liquidation, in light of further recoveries from debtors of the liquidated banks.”
We kindly request that interested parties visit any NDIC office or go to the claims page on our website, www.ndic.gov.ng, to obtain, fill out, and send in the verification form together with the required supporting documentation. Claimscomplaints@ndic.gov.ng is the special email address where submissions should be sent.
Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), Premier Commercial Bank, North-South Bank, and Prime Merchant Bank are among the closed banks that Nuhu insisted are included in this exercise.
The others, in his words, are the following: Amicable Bank in-liquidation; Commercial Trust Bank; Cooperative and Commerce Bank; Rims Merchant Bank; Pan African Bank; Fortune Bank; All States Trust Bank; Nigeria Merchant Bank.
He went on to say that it’s crucial to remember that a liquidation dividend is the amount that the NDIC pays depositors of a liquidated bank in excess of the insured amounts.
He went on, “This amount covers payments to creditors and shareholders after the full payment to depositors of the defunct bank and is derived from recoveries made from the realization of assets of failed financial institutions.”
