Due to successful debt recovery and asset realization from banks in liquidation, the Nigeria Deposit Insurance Corporation (NDIC) has declared N16.18 billion in liquidation dividends for depositors, creditors, and shareholders of 20 banks currently in liquidation.
The announcement was made in a press release on Monday by Bashir A. Nuhu, the director of communications and public relations.
In line with this, the Corporation has initiated the verification and payment process for stakeholders, set to be completed within 30 days, starting from September 28, 2023. Notably, this ongoing payment follows previous disbursements totaling N45.45 billion as liquidation dividends for the 20 banks up to July 2023.
Relevant stakeholders are encouraged to visit nearby NDIC offices or access the claims page on the Corporation’s official website, www.ndic.gov.ng, to download, complete, and submit the verification form along with the required supporting documents to the dedicated email: claimscomplaints@ndic.gov.ng.
The affected banks in this disbursement 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. Additionally, 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 part of the in-liquidation process.
Liquidation dividends represent the excess amount beyond the insured sums that NDIC pays to depositors of a closed bank, derived from asset recoveries of failed financial institutions. These dividends also cover payments to creditors and shareholders of the closed bank once depositors of the defunct bank have been fully compensated.
