The Nigeria Deposit Insurance Corporation (NDIC) has made a significant announcement regarding the distribution of N16.18 billion in liquidation dividends to various stakeholders, including depositors, creditors, and shareholders of 20 banks in liquidation.
This development comes as a result of the impressive progress in recovering debts and realizing assets from these liquidated banks, as stated by Bashir Nuhu, the Director of Communication and Public Affairs at the NDIC.
The NDIC has initiated the verification and disbursement process for the stakeholders covered by these declarations, and this process is set to be completed within a 30-day timeframe starting from September 28.
It’s worth noting that this ongoing payment follows previous disbursements that collectively amounted to N45.45 billion in liquidation dividends for the 20 banks as of July 2023.
The list of closed banks included in this exercise encompasses Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), and Premier Commercial Bank.
Additionally, the list comprises North South Bank and Prime Merchant Bank, as well as 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.