Dividends to Depositors and other stakeholders of 20 Banks In-Liquidation following impressive recoveries from debtors and realisation of assets of banks in liquidation,   the   Nigeria   Deposit   Insurance   Corporation   (NDIC)   has   announced declaration   of  N16.18   billion   liquidation   dividends   to   depositors,   creditors   and shareholders   of   20   banks   in-liquidation.

To   this   end,   the   Corporation   has commenced verification and payment of stakeholders covered by the declarations 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, www.ndic.gov.ng  to  download,   complete   and   submit  the   verification   form   with prescribed   supporting   documents   to   the   dedicated   email   for   the   purpose: claimscomplaints@ndic.gov.ng.

The closed banks covered by the exercise are Liberty Bank, City Express Bank, Assurance   Bank,   Century   Bank,   Allied   Bank,   Financial   Merchant   ,   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.

Liquidation dividend represents amount in excess of the insured sums paid by the NDIC to depositors of a closed bank from recoveries made from realisation of assets of failed financial institutions. It also covers amount paid to creditors and shareholders of closed bank after full payment to depositors of such defunct bank.