The Nigeria Deposit Insurance Corporation (NDIC) is to begin the verification and payment of N16.18 billion in liquidation dividends to creditors, depositors, and stakeholders of 20 banks whose licences were revoked by the Central Bank of Nigeria (CBN).
Liquidation dividend is the amount in excess of the insured sums paid by the NDIC to depositors of a closed bank from recoveries made from the realisation of assets of failed financial institutions.
It also covers the amount paid to creditors and shareholders of closed banks after full payment to depositors of such defunct bank.”
This development follows the impressive recoveries from debtors and the realisation of assets of banks in liquidation.
The banks are 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. 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.
NDIC’s Director, Communication & Public Affairs, Bashir Nuhu in a statement said the verification and payment will be done within 30 days, starting from 28th September 2023.
“It is instructive to note that the ongoing payment is sequel to earlier payment of various sums which cumulatively amounted to
N45.45bn as liquidation dividends in respect of the 20 banks as at July 2023
“Relevant stakeholders have been requested to visit any of the NDIC’s offices closer to them or go to the claims page on the Corporation’s website”, Nuhu stated in the statement.