FG Releases List of 20 Closed Banks, Asks Depositors to Retrieve Money

In a significant update, the Nigeria Deposit Insurance Corporation (NDIC) has released the names of 20 failed banks whose depositors, creditors, and shareholders are set to receive an additional N16.18 billion in liquidation dividends.

This brings the total liquidation dividends to N61.63 billion, exceeding insured sums for depositors of these banks.

Contrary to recent reports suggesting the closure of new banks in Nigeria, the NDIC clarified that the 20 banks in question had previously shut down due to the revocation of their operating licenses by the Central Bank of Nigeria (CBN) between 1994 and 2018.

Bashir Nuhu, the Director of Communications and Public Affairs at NDIC, debunked the rumours in a statement in Abuja on November 13, 2023.

The liquidated banks 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, Prime Merchant Bank, Commercial Trust Bank, Cooperative and Commerce Bank.

Others are Rims Merchant Bank, Pan-African Bank, Fortune Bank, All States Trust Bank, Nigeria Merchant Bank, and Amicable Bank ,

NDIC’s communication direstor also emphasized that the additional payment resulted from recoveries from debtors of the liquidated banks.