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NDIC begins payment of dividends to depositors of liquidated banks




The Nigeria Deposit Insurance Corporation (NDIC) has started the payment of liquidation dividends to uninsured depositors, creditors and shareholders of the 14 banks whose licenses were revoked by the CBN.

The NDIC disclosed this on Sunday, June 27, in a statement titled ‘NDIC commences payment of liquidation dividends to depositors, other stakeholders in 14 closed banks’.

Speaking on the payment, the Director, Communication and Public Affairs Department, Bashir Nuhu, said, “The Nigeria Deposit Insurance Corporation has announced plans to commence payment of liquidation dividends to uninsured depositors, creditors and shareholders of additional 14 banks in-liquidation.”

The banks listed for payment, in the statement include Hilltop Microfinance Bank, Olomoyoyo MFB, Evo MFB, Ngwegwe MFB, Bekwarra MFB, Argungu MFB and Edet MFB.

The rest of them are City Express Bank, All States Trust Bank, Allied Bank, Commerce Bank, North South Bank, Cooperative and Commerce Bank and Nigeria Merchant Bank.

The corporation also disclosed that stakeholders of eight of the closed banks were to receive their first round of liquidation dividend payments, while those of the other six were to be paid additional sums due to them as part of their liquidation dividends.

The NDIC therefore advised eligible stakeholders of the banks to visit the corporation’s offices nationwide for the verification of their claims or do so on its website.

This came after the corporation began the verification of depositors of 22 MFBs whose operating licences were recently revoked by the CBN.

Meanwhile, previously reported that tension had rocked the banking industry as the CBN revoked the operational licences of 42 Microfinance Banks (MFBs) in Nigeria.

The NDIC, the official liquidator of the banks whose licenses were revoked said insured depositors will be paid any amounts recovered.

It was learnt that the NDIC officers would be at the closed banks’ offices nationwide to meet with the depositors and establish their account balances.


The corporation was also quoted to have said: “If you have any deposit in the affected banks, you should visit the branches of the closed banks between Monday, 21st December 2020, till Thursday, 24th December, 2020, in order to confirm the amount you have in the banks.”


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