NDIC begins N16bn Payment To 20 Defunct Banks’ Stakeholders

The Nigeria Deposit Insurance Corporation (NDIC) has announced the declaration of N16.18 billion in liquidation dividends to depositors, creditors, and shareholders of 20 banks in liquidation.

This follows impressive recoveries from debtors and realisation of assets of banks in liquidation, a statement by the corporation’s Director, Communication and Public Affairs, Bashir Nuhu, said Monday.

To this end, the NDIC said it had commenced verification and payment of stakeholders covered by the declarations within 30 days, starting from September 28.

“It is instructive to note that the ongoing payment is sequel to earlier payment of various sums which cumulatively amounted to N45.45bn as liquidation dividends in respect of the 20 banks as at July 2023,” it added.

The closed banks covered by the exercise 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), and Premier Commercial Bank.

The others are 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