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.
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. Read Also CBN closes 31 banks in Lagos, other failed microfinance banks in other parts of the country (Full List) Advertisements Closed Banks In Nigeria today
The liquidated banks are as follows:
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
Prime Merchant Bank
Commercial Trust Bank
Cooperative and Commerce Bank
Rims Merchant Bank
Pan African Bank
Fortune Bank
All States Trust Bank
Nigeria Merchant Bank
Amicable Bank
NDIC’s communication also emphasized that the additional payment resulted from recoveries from debtors of the liquidated banks.
