NDIC to pay N16.18bn dividends to depositors, stakeholders of 20 liquidated banks

The 20 insolvent banks’ depositors, creditors, and owners would get N16.18 billion in liquidation dividends, according to a statement from the Nigeria Deposit Insurance Corporation (NDIC).


The Corporation claims that as of September 28, 2023, verification and payment of stakeholders covered by the declarations have begun. Payment will continue for 30 days.

Bashir Nuhu, the NDIC’s director of communication and public affairs, said in a statement that the action came after debtor recoveries and the realization of assets of banks going through liquidation.

According to Nuhu, the current payment is in response to past payments of various sums totaling N45.45 billion made as liquidation dividends for the 20 banks as of July 2023.

Relevant parties are urged to visit any NDIC office that is closest to them or visit the claims page on the corporation’s website to download, fill out, and send the verification form along with the required supporting materials to the dedicated email for this purpose: claimscomplaints@ndic.gov.ng.

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 are closed institutions that are included in the exercise.


The in-liquidation of 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 are among the additional financial institutions.

Liquidation dividend is an amount given by the NDIC to depositors of a closed bank from recoveries obtained from the sale of assets of insolvent financial institutions that is greater than the insured sums. After full payment to such defunct banks’ depositors, it also covers the sum paid to creditors and shareholders of dissolved banks.