NDIC lists 20 failed banks, asks depositors to come for their money as CBN restores one licence

Depositors, creditors, and shareholders of 20 failed banks in Nigeria will get an additional N16.18 billion in liquidation dividends, the Nigeria Deposit Insurance Corporation (NDIC) said.

The latest payment will increase dividends paid to the depositors to N61,63 billion after making cumulative payments of liquidation dividends totalling N45,45 billion as of July 2023, representing amounts exceeding the insured sums to depositors of the 20 banks.

NDIC debunks reports of new failed banks

According to NDIC Director of Communications and Public Affairs, Bashir Nuhu, the 20 failed banks were among the banks that had shut down previously due to the revocation of their operating licences by the Central Bank of Nigeria (CBN) between 1994 and 2018.

Daily Trust report said Nuhu disclosed the information in Abuja on Monday, November 13, 2023. He said the statement followed a trending report that 20 new banks had shut down.

The statement said: "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."

Names of failed banks

1. Liberty Bank

2. City Express Bank

3. Assurance Bank

4. Century Bank

5. Allied Bank Financial

6. Merchant Bank

7. Icon Merchant Bank

8. Progress Bank Merchant

9. Bank of Africa (MBA)

10. Premier Commercial Bank

11. North-South Bank Prime Merchant Bank.

12. Commercial Trust Bank

13. Cooperative and Commerce Bank

14. Rims Merchant Bank

15. Pan African Bank

16. Fortune Bank

17. All States Trust Bank Nigeria

18. Merchant Bank and Amicable Bank in liquidation.

In April this year, the NDIC started verifying the insured depositors of Peak Merchant Bank in liquidation, Legit.ng earlier reported.

This was in line with its duty of deposit guarantee and reimbursement of depositors in case of bank failure.

Peak Merchant Bank Limited's operating license was revoked on Friday, February 28, 2003.

According to a statement by the Director of Communication and Public Affairs, Bashir Nuhu, the verification process will help depositors verify their account information and balances with the bank at its closure.

It further noted that the verification exercise is a precursor to paying insured sums to the depositors, the Nation reports.