NDIC Pays N45.45 Billion Liquidation Dividends To Depositors Of Closed Banks

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The Nigeria Deposit Insurance Corporation (NDIC) has made cumulative payments of liquidation dividends of N45.45 billion as of July 2023, which represented amounts exceeding the guaranteed sums to depositors of the 20 liquidated banks.

He said the general public should be aware that the NDIC has fulfilled its commitment by paying the guaranteed sums owed to depositors.

His words: “In light of further recoveries from debtors of the liquidated banks, the Corporation has announced an additional N16.18 billion in liquidation dividends to be paid to depositors, creditors, and shareholders of the 20 banks in liquidation.

“We urge relevant stakeholders to visit any NDIC office or access the claims page on our website, www.ndic.gov.ng, to download, complete, and submit the verification form along with the prescribed supporting documents. Submissions should be sent to the dedicated email: claimscomplaints@ndic.gov.ng.”

Nuhu insisted that the closed banks covered by this 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), Premier Commercial Bank, North South Bank, and Prime Merchant Bank.

According to him, others are 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.

He further noted that it is important to note that the liquidation dividend represents the amount over the insured sums paid by the NDIC to depositors of a closed bank.

He added: “This amount is derived from recoveries made from the realization of assets of failed financial institutions and covers payments to creditors and shareholders after the full payment to depositors of the defunct bank.”