NDIC Begins Payment of N16.18 Billion Liquidation Dividends to Depositors, Other Stakeholders of 20 Banks In-Liquidation

The Nigeria Deposit Insurance Corporation (NDIC) has commenced payment of declared N16.18 billion liquidation dividends to depositors, creditors and shareholders of 20 banks in-liquidation.

In a statement signed by the Director, Communication & Public Affairs, Bashir Nuhu, the Corporation said the dividends declaration followed impressive recoveries from debtors and realisation of assets of banks in liquidation,

According to the statement, the Corporation has commenced verification and payment of stakeholders covered by the declarations within 30 days, starting from September 28, 2023.

“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

“Relevant stakeholders have been requested to visit any of the NDICs offices closer to them or go to the claims page on the Corporations website, to download, complete and submit the verification form with prescribed supporting documents to the dedicated email for the purpose:

“The closed banks covered by the exercise are 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.” The statement read.

Liquidation dividend represents amount in excess of the insured sums paid by the NDIC to depositors of a closed bank from recoveries made from realisation of assets of failed financial institutions.

It also covers amount paid to creditors and shareholders of closed bank after full payment to depositors of such defunct bank.


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