NDIC pays customers, creditors, shareholders of 20 failed banks N16.18bn

Bello Hassan, Managing Director/Chief Executive,  Nigeria Deposit Insurance Corporation (NDIC)

The Nigeria Deposit Insurance Corporation (NDIC) has announced that it will be paying N16.18 billion as liquidation dividends to depositors, creditors and shareholders of 20 failed banks.

In a statement, it noted that it had 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 of July 2023

“Relevant stakeholders have been requested to visit any of the NDIC’s offices closer to them or go to the claims page on the Corporation’s website, www.ndic.gov.ng to download, complete and submit the verification form with prescribed supporting documents to the dedicated email for the purpose: [email protected],” the statement read in part.

It listed the affected defunct banks as 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.

According to the corporation, a liquidation dividend represents an 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 the amount paid to creditors and shareholders of closed banks after full payment to depositors of such defunct banks,” it added.