NDIC begins payment of N16.18bn liquidation dividends of 20 failed banks
By Patience Ikpeme
After successfully recovering debts and liquidating assets from banks in the process of winding up, the Nigeria Deposit Insurance Corporation (NDIC) says it has begun distributing N16.18 billion in liquidation dividends to depositors, creditors, and shareholders of 20 banks undergoing liquidation.
A statement from the NDIC signed by Bashir A. Nuhu, Director, Communication and Public Affairs Department said the corporation has initiated the verification and disbursement process for eligible stakeholders, which will be completed within 30 days, starting from September 28, 2023.
It’s worth noting that this latest round of payments follows earlier disbursements totaling N45.45 billion as liquidation dividends for the same 20 banks by July 2023.
To access their entitlements, relevant stakeholders are encouraged to visit their nearest NDIC office or visit the claims page on the Corporation’s website, www.ndic.gov.ng.
There, they can download, complete, and submit the verification form along with the necessary supporting documents to the dedicated email address: claimscomplaints@ndic.gov.ng.
The banks covered by this process 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 also included in this liquidation process.
Liquidation dividends represent the surplus amounts paid by the NDIC to depositors of a closed bank, sourced from the recovered assets of failed financial institutions.
This distribution also encompasses payments to creditors and shareholders of closed banks once full reimbursement to depositors of the defunct bank has been made.
