Agency Report
In a significant development, the Nigeria Deposit Insurance Corporation (NDIC) has announced the release of over N16 billion in liquidation dividends, destined for depositors, creditors, and shareholders of 20 banks currently undergoing liquidation.
This news was conveyed through a statement issued by Mr. Bashir Nuhu, the Director of Communication and Public Affairs at NDIC, headquartered in Abuja. The declaration comes as a result of substantial recoveries from debtors and the successful realization of assets belonging to the banks currently in liquidation.
According to Mr. Nuhu, the NDIC has already initiated the process of verifying and disbursing payments to the stakeholders identified within this announcement. The disbursement process, which commenced on September 28, is expected to be completed within 30 days.
The list of banks covered by this exercise includes Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, and Progress Bank. Additionally, Merchant Bank of Africa (MBA), Premier Commercial Bank, North South Bank, and Prime Merchant Bank are also among the institutions covered by this development.
Furthermore, 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 beneficiaries of these liquidation dividends.
Mr. Nuhu emphasized that this ongoing payment follows earlier disbursements totaling N45.45 billion as liquidation dividends for the same 20 banks as of July. Stakeholders involved in this process are encouraged to visit the nearest NDIC office or access the claims page on the Corporation’s official website.
It is worth noting that liquidation dividends represent amounts exceeding the insured sums that the NDIC provides to depositors of a closed bank. This significant announcement serves as a positive development for depositors and stakeholders in these financial institutions.
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