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

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 said.

The latest payment would increase dividends paid to the depositors to N61,63 billion after making cumulative payments of liquidation dividends totaling 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 licenses by the Central Bank of Nigeria (CBN) between 1994 and 2018.

Daily Trust report said that Nuhu disclosed the information in Abuja on Monday, November 13, 2023, citing 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

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 and A

micable Bank in liquidation