Closed Banks: NDIC begins payment of liquidation dividends to depositors, stakeholders

Elizabeth Christopher

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The Nigerian Deposit Insurance Corporation (NDIC) has announced plans to commence payment of liquidation dividends to uninsured depositors, creditors and shareholders of additional 14 banks in-liquidation.


In a press release by the Director, Communication and Public Affairs Department, Bashir Nuhu, the NDIC stated that while stakeholders of eight closed banks are to receive their first round of liquidation dividend payments, those of the other six are to be paid additional sums due them as part of their liquidation dividends.


The release listed the banks as City Express Bank, All States Trust Bank, Allied Bank, Commerce Bank, North South Bank, Cooperative and Commerce Bank and Nigeria Merchant Bank.


Others are Hilltop Micro Finance Bank, Olomoyoyo Micro Finance Bank, Evo Micro Finance Bank, Ngwegwe Micro Finance Bank, Bekwarra Micro Finance Bank, Argungu Micro Finance Bank and Edet Micro Finance Bank.


The release advised eligible stakeholders of the banks to visit the Corporation’s offices nationwide for the verification of their claims or do so on the Corporation’s website.


In a related development, the Corporation has commenced verification of depositors of 22 Micro Finance Banks whose operating licences were recently revoked by the Central Bank of Nigeria (CBN).


The verification exercise is geared towards payment of insured sums to eligible depositors.


Depositors of the affected Micro Finance Banks have been advised to visit the closed banks’ addresses where their claims would be verified by the NDIC’s officials.


They are also to visit the Corporation’s website for the list of the banks and to verify their claims.
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