The Nigeria Deposit Insurance Corporation (NDIC) has announced its plan to pay the sum of N16.18 billion to depositors of liquidated Deposit Money Banks (DMBs), creditors and other stakeholders.
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This is coming on the heels of impressive recoveries from debtors and the realisation of assets of banks in liquidation. Creditors depositors, and shareholders of 20 banks in liquidation are targeted for the payment.
To this end, the Corporation has commenced verification and payment of stakeholders covered by the declarations within 30 days, starting from 28 September 2023, NDIC disclosed in a statement issued on Monday by Director, Communication & Public Affairs, Mallam Bashir Nuhu.
Part of the NDIC statement read: “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 of 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”, it added.
The closed banks covered by the exercise are 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. 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 the amount in excess of the insured sums paid by the NDIC to depositors of a closed bank from recoveries made from the realisation of assets of failed financial institutions.
“It also covers the amount paid to creditors and shareholders of closed bank after full payment to depositors of such defunct banks.
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