NDIC Begins Payment of N16.18bn to Depositors of 20 Failed Banks
By Adedapo Adesanya
The Nigeria Deposit Insurance Corporation (NDIC) has disclosed playing N16.18 billion in liquidation dividends to depositors, creditors, and stakeholders of 20 banks in liquidation.
According to a statement from the corporation’s Director of Communication and Public Affairs, Mr Bashir Nuhu, this follows impressive recoveries from debtors and the realisation of assets of banks in liquidation.
As a result, the NDIC, which is responsible for protecting depositors and guaranteeing the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits, said it had commenced verification and payment of stakeholders covered by the declarations within 30 days, starting from last Thursday (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,” it added.
The closed banks covered by the exercise include 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.
The others are North-South Bank and Prime Merchant Bank, 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.