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NDIC pays N16bn liquidation dividend to 20 defunct banks’ depositors, shareholders (Full List)

*The Nigeria Deposit Insurance Corporation announces the commencement of verification and payment of depositors, shareholders and investors covered by the declarations within 30 days, effective from September 28, 2023

Alexander Davis | ConsumerConnect

The Nigeria Deposit Insurance Corporation (NDIC) has declared and begun payment of over N16 billion as additional liquidation dividend to be paid to depositors, creditors and shareholders of 20 banks in-liquidation.

Mr. Bashir Nuhu, Director of Communication and Public Affairs at NDIC, disclosed this in a statement issued Monday, October 2, 2023, in Abuja, FCT.

The regulator noted the liquidation dividend represents amount in excess of the insured sums paid by the NDIC to depositors of a closed bank.

Nuhu said the declaration followed impressive recoveries from debtors and realisation of assets of the banks in liquidation.

He said the Corporation had commenced verification and payment of stakeholders covered by the declarations within 30 days, which started from September 28 this year.

According to the financial markets regulatory agency, the closed banks covered by the exercise include Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank and Progress Bank.

Others are Merchant Bank of Africa (MBA), Premier Commercial Bank, North South Bank and Prime Merchant Bank.

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 would also benefit from the NDIC declaration, noted the statement.

Nuhu also stated: “It is instructive to note that the ongoing payment is sequel to earlier payment of various sums which cumulatively amounted to N45.45 billion as liquidation dividends in respect of the 20 banks as at July.

“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 Web site.”

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