NDIC Disburses N16.18bn to Depositors of 20 Failed Banks

James Emejo in Abuja

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

The declaration followed impressive recoveries from debtors and realisation of assets of the closed banks.

The corporation has, therefore, begun verification and payment of stakeholders covered by the declarations within 30 days, starting from September 28, 2023. 

In a statement, NDIC Director, Communication and Public Affairs, Mr. Bashir Nuhu, said the ongoing payment is sequel to earlier payments of various sums, which cumulatively amounted to N45.45 billion 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 to download, complete and submit the verification form with prescribed supporting documents to the dedicated email for the purpose.

The statement added that the liquidation dividend represented 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. 

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.