Connect with us

Economy

Liquidation Dividend: NDIC Directs Depositors of 6 Banks to File Claims in 30 Days

Published

on

By Dipo Olowookere

Depositors of six banks in-liquidation eligible for liquidation dividend have been directed to file their proof of claim within 30 days.

This directive was given in a circular issued by the liquidator, the Nigeria Deposit Insurance Corporation (NDIC).

In the circular dated Thursday, July 27, 2017, the NDIC explained that those eligible for the claims must have their names in the records of the affected financial institutions.

The six banks are African Express Bank, All States Trust Bank, City Express Bank, Hallmark Bank, Lead Bank, and Metropolitan Bank.

“Depositors in the records of the following banks (in-liquidation) who are eligible for liquidation dividend should file their proof of claim with the Liquidator, the Nigeria Deposit Insurance Corporation, as NOTICE is hereby given that liquidation dividends are intended to be declared for eligible depositors in the above matter,” the circular said.

“Depositors are implored to file their claims within thirty (30) days of the publication of this notice in order to be included in these dividends,” the agency said.

“For further clarification or any assistance, eligible depositors should contact the representatives of the Nigeria Deposit Insurance Corporation in any of the under listed centres/Zonal Offices,” it added.

“Liquidation dividends will continue to be declared as and when assets of the closed banks are realized by the corporation,” the circular, signed in Lagos by Director, Claims Resolution Department, stated.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

NGX, Secondary School Students Engage in Smart Money Talks

Published

on

NGX Smart Money Talks

By Aduragbemi Omiyale

Over 200 secondary school students from Covenant Child Academy, Testimony College, and Green Pastures High School were recently introduced to the fundamentals of financial literacy, capital markets, and responsible investing, offering early exposure to wealth-building principles by the Nigerian Exchange (NGX) Limited.

It was part of Customs Street’s week-long programme to commemorate Global Money Week 2026, themed Smart Money Talks.

The bourse joined the global community to celebrate the week as part of its commitment to advancing financial literacy and equipping the next generation of investors.

The students, who underwent the seminar under the NGX’s flagship X-Tour initiative, were guided by representatives from NGX and NGX Regulation on key considerations before investing, as well as common warning signs to watch for when evaluating investment opportunities.

The session reinforced the importance of cultivating positive money habits to support sound financial decisions in the future.

Extending its impact beyond in-person engagement, the exchange also convened an interactive Instagram Live session in collaboration with United Capital Plc.

Featuring Stanley Onuorah, widely known as Online Banker, the session focused on Building a Portfolio in Today’s Markets. It addressed pressing questions from young Nigerians on navigating the capital market, understanding available investment products, and making informed financial choices.

During the session, a representative from NGX’s Trading and Products division shared practical insights into the range of instruments available in the market, including equities, fixed income securities, and exchange-traded funds, while outlining clear pathways for getting started and building resilient portfolios across varying market conditions.

In parallel, a representative from Market Regulation emphasised the importance of investor protection frameworks, educating participants on their rights, the safeguards that ensure fair market practices, and the necessity of due diligence in sustaining trust and integrity within the market.

The session has since attracted thousands of views, significantly amplifying awareness around financial literacy and encouraging greater youth participation in the capital market.

Through these initiatives, NGX continues to play a pivotal role in shaping financially responsible citizens, in line with its broader mandate to drive inclusive growth and strengthen investor confidence within Nigeria’s financial ecosystem.

Continue Reading

Economy

OTC Securities Exchange Dips 2.14% as NSI Closes at 4,109 Points

Published

on

NASD OTC securities exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange declined by 2.14 per cent on Monday, March 30, weakening the Unlisted Security Index (NSI) by 89.95 points to 4,109.74 points from 4,199.69 points.

During the session, investors lost N53.82 billion, leaving the market capitalisation of the trading platform at N2.458 trillion versus the previous session’s N2.512 trillion.

The bourse recorded four price gainers and four price losers led by 11 Plc, which shed N35.12 to close at N316.50 per share compared with last Friday’s value of N351.17 per share. MRS Oil Plc declined by N20.00 to quote at N190.00 per unit versus the previous price of N21o.00 per unit, FrieslandCampina Wamco Nigeria Plc dropped N11.00 to trade at N99.00 per share versus N110.00 per share, and Central Securities Clearing System (CSCS) Plc dipped N2.93 to N77.17 per unit from N80.10 per unit.

Conversely, IPWA Plc appreciated by 55 Kobo to N6.06 per share from N5.51 per share, Industrial and General Insurance (IGI) Plc expanded by 5 Kobo to 57 Kobo per unit from 52 Kobo per unit, Geo-Fluids Plc gained 4 Kobo to close at N3.22 per share versus N3.18 per share, and Acorn Petroleum Plc improved by 1 Kobo to N1.34 per unit from N1.33 per unit.

Trading data revealed a decline of 63.7 per cent in the volume of securities to 21.3 million units from 58.6 million units, a 59.6 per cent drop in the value of securities to N651.1 million from N1.6 billion, and a 24 per cent contraction in the number of deals to 38 deals from 50 deals.

The most active stock by value on a year-to-date basis was CSCS Plc with 56.3 million units exchanged for N3.8 billion, trailed by Okitipupa Plc with 27.5 million units traded for N1.8 billion, and Infrastructure Guarantee Credit Plc with 400 million units valued at N1.2 billion.

Resourcery Plc was the most traded stock by volume on a year-to-date basis with 1.1 billion units worth N415.7 million, followed by Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion, and Geo-Fluids Plc with 133.1 million units transacted for N511.2 million.

Continue Reading

Economy

Investors Lose N275bn to Profit-taking on Stock Exchange

Published

on

Nigerian market stocks

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited began the new week bearish after it shed 0.21 per cent on Monday due to profit-taking.

Business Post reports that four of the five key sectors of Customs Street tracked pointed southwards yesterday, as only the energy index gained 0.10 per cent.

The insurance counter lost 1.38 per cent, the banking space depreciated by 0.81 per cent, the industrial goods sector weakened by 0.45 per cent, and the consumer goods segment declined by 0.02 per cent.

As a result, the All-Share Index (ASI) retreated by 428.63 points to 200,484.43 points from 200,913.06 points, and the market capitalisation moderated by N275 billion to N128.694 trillion from N128.969 trillion.

The market breadth index was negative during the session, as there were 27 price gainers and 34 price losers, representing weak investor sentiment.

Secure Electronic Technology depreciated by 10.00 per cent to N1.17, May and Baker slumped by 9.42 per cent to N38.00, Legend Internet tumbled by 8.67 per cent to N6.85, Cutix shrank by 8.29 per cent to N3.21, and Fortis Global Insurance lost 7.97 per cent to trade at N1.27.

On the flip side, Austin Laz appreciated by 9.98 per cent to N4.41, Zichis gained 9.93 per cent to quote at N15.16, Trans Nationwide Express soared by 9.65 per cent to N2.84, The Initiates advanced by 9.60 per cent to N21.70, and Learn Africa improved by 9.41 per cent to N9.30.

The bourse closed with a turnover of 593.3 million shares valued at N25.7 billion executed in 60,311 deals compared with the 595.2 million shares worth N24.5 billion traded in 43,440 deals in the previous trading day.

This showed that the value of transactions went up by 4.90 per cent, the number of deals increased by 38.84 per cent, and the volume of trades decreased by 0.32 per cent.

Access Holdings finished the session as the most active with 86.6 million units sold for N2.3 billion, First Holdco exchanged 84.6 million units worth N4.3 billion, Secure Electronic Technology traded 31.1 million units valued at N37.4 million, Fidelity Bank transacted 26.7 million units worth N512.4 million, and Zenith Bank traded 26.1 million units valued at N2.6 billion.

Continue Reading

Trending