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Nigeria: Depositors of Failed Banks to Get Extra N16.18 Billion – NDIC

Depositors, creditors and stakeholders of 20 failed banks are expected to get additional N16.18 billion in liquidation dividends, the Nigeria Deposit Insurance Corporation (NDIC) has disclosed.

This would increase the dividends so far paid to the depositors to N61.63bn having made cumulative payments of liquidation dividends totalling N45.45 billion as of July 2023, representing amounts exceeding the guaranteed sums to depositors of the 20 banks.

NDIC Director, Communication & Public Affairs, Bashir Nuhu disclosed this in a statement yesterday to clarify issues relating to the failed banks.

Making a reference to a trending report about fresh liquidation of 20 banks, the NDIC stated that the 20 banks mentioned were among the banks that had been previously closed due to the revocation of their operating licenses by the Central Bank of Nigeria (CBN) between 1994 and 2018.

The statement said, “The general public should be aware that the NDIC has fulfilled its commitment by paying the guaranteed sums owed to depositors.

Additionally, “In light of further recoveries from debtors of the liquidated banks, 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.”

The NDIC listed the closed banks to include 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.

Others are Commercial Trust Bank, Cooperative and Commerce Bank, Rims Merchant Bank, Pan African Bank, Fortune Bank, All States Trust Bank, Nigeria Merchant Bank, and Amicable Bank in-liquidation.

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