NDIC begins N16bn payment to 20 defunct banks’ stakeholders

The Nigeria Deposit Insurance Corporation, NDIC, has declared N16.18 billion in liquidation dividends to depositors, creditors, and owners of 20 insolvent banks.

The announcement follows significant debtor recoveries and the realisation of assets from banks in liquidation.

Bashir Nuhu, the corporation’s Director of Communication and Public Affairs, announced this in a statement on Monday.

The NDIC stated that it had begun verifying and paying stakeholders covered by the declarations within 30 days, beginning on September 28.

The announcement begins with the following: “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.”

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 are among the closed institutions included by the exercise.

North South Bank and Prime Merchant Bank are the other two. 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 are among the others that have gone into liquidation.The Nigeria Deposit Insurance Corporation, NDIC, has declared N16.18 billion in liquidation dividends to depositors, creditors, and owners of 20 insolvent banks.

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