We’ve Paid N45.45bn Total Dividend To Depositors Of 20 Failed Banks- NDIC

The Nigeria Deposit Insurance Corporation (NDIC) on Tuesday said as of July 2023, it has made cumulative payments of N45.45bn as liquidation dividends to depositors of 20 banks among those whose operating licences were revoked by the Central Bank of Nigeria (CBN) between 1994 and 2018.
Reacting to a recent news report it described as misleading news reports, the corporation said the amount exceeded the guaranteed sums to depositors of the 20 banks.
The affected banks were listed 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.
Liquidation dividend, it said, represents the amount in excess of the insured sums paid by the NDIC to depositors of a closed bank, derived from recoveries made from the realization of assets of failed financial institutions and covers payments to creditors and shareholders after the full payment to depositors of the defunct bank.
The statement stressed that the NDIC has fulfilled its commitment by paying the guaranteed sums owed to depositors, adding that due to further recoveries from debtors of the affected banks, it has announced an additional N16.18bn dividends to depositors, creditors, and shareholders of the 20 banks in liquidation.
The statement by Bashir Nuhu, Director of Communication & Public Affairs, urged relevant stakeholders to visit any NDIC office or access the claims page on our website, www.ndic.gov.ng, to download, complete, and submit the verification form along with the prescribed supporting documents. Submissions should be sent to the dedicated email: claimscomplaints@ndic.gov.ng.