List of 20 Failed Banks Depositors to be paid by NDIC

The Nigeria Deposit Insurance Corporation, NDIC, as Liquidator of the banks has listed 20 failed banks that were closed due to the revocation of their operating licenses by the Central Bank of Nigeria between 1994 and 2018, and requested their depositors, creditors, and shareholders to approach NDIC for the liquidation dividends.

1. Liberty Bank
2. City Express Bank
3. Assurance Bank
4. Century Bank
5. Allied Bank
6. Financial Merchant Bank
7. Icon Merchant Bank
8. Progress Bank
9. Merchant Bank of Africa (MBA)
10. Premier Commercial Bank
11. North-South Bank
12. Prime Merchant Bank
13. Commercial Trust Bank
14. Cooperative and Commerce Bank
15. Rims Merchant Bank
16. Pan African Bank
17. Fortune Bank
18. All States Trust Bank
19. Nigeria Merchant Bank
20. Amicable Bank

According to NDIC, the corporation has fulfilled its commitment by paying the guaranteed sums owed to depositors. Additionally, the Corporation has made cumulative payments of liquidation dividends totalling N45.45 billion as of July 2023, representing amounts exceeding the guaranteed sums to depositors of the 20 banks. “In light of further recoveries from debtors of the liquidated banks, the Corporation has announced an additional N16.18 billion in liquidation dividends to be paid to depositors, creditors, and shareholders of the 20 banks in liquidation.”