Failed Banks: NDIC Announces Final Dividend to Depositors and Creditors

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Depositors of 20 failed banks have been given notification in writing by the Nigeria Deposit Insurance Corporation (NDIC). In addition, the NDIC sent a notification to creditors of five banks that were in liquidation announcing a final dividend declaration. Notices

ABC Merchant Bank Ltd., Commercial Trust Bank Ltd., and Continental Merchant Bank Plc are among the banks listed in the warnings that were posted on the corporation’s website. Among the others are Merchant Bank of Africa Ltd.,

Eagle Bank, Allied Bank of Nigeria, Pan African Bank Ltd., and Kapital Merchant Bank Ltd. Others include the Cooperative & Commerce Bank, the Nigerian Merchant Bank, the Rims Merchant Bank, the Alpha Merchant Bank, and the Continental Merchant Bank.

Depositors and creditors, according to NDIC, who failed to prove their claims to the director of the department in charge of handling claims within 21 days of the publishing date would have their accounts closed.

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The official liquidator of the under-listed defunct banks (in-liquidation), NDIC, hereby notifies the general public of the final call for dividend declaration to depositors, creditors of these banks. The Corporation stated that the director would proceed to make a final dividend payment without regard to such claims after the expiration of the date.

“Therefore, we urge all eligible depositors and creditors of these institutions to either meet NDIC representatives in any of the NDIC Offices. In order to verify their claims, they can also go to the NDIC website at and check the claims page.

Additionally, the Corporation stated that it was paying insured and uninsured deposits to depositors of Eurobanc Savings and Loans, Grace Field Microfinance Bank, and Okporo Microfinance Bank (MFB). A liquidation dividend payment to MFB depositors and former employees was also in the works, according to the statement.

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