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BUSINESSNDIC clarifies reports of 20 liquidated banks by CBNPublished on November 14, 2023By Chika Onyesi


The Nigeria Deposit Insurance Corporation (NDIC) has clarified the reported liquidation of 20 banks by the Central Bank of Nigeria.


The Corporation said the alleged 20 banks were previously shut down between 1994 and 2018 over license revocation, noting that the sanction is not a recent one.

The Director of Communication & Public Affairs at the NDIC, Bashir Nuhu, in a statement, said the NDIC, in meeting its obligation by July 2023, paid guaranteed sums to depositors, totalling N45.45 billion in liquidation dividends.


He said an additional N16.18 billion has been scheduled for depositors, creditors and shareholders.

The statement urged stakeholders in the highlighted banks to visit the NDIC offices or the website to verify and submit their claims.

The affected banks include, ”Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, 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.


Nuhu noted that liquidation dividends exceed insured sums and cover payments to creditors and shareholders post full payment to depositors of defunct banks.





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