NDIC to pay liquidation dividends to depositors of 14 closed banks

The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to commence payment of liquidation dividends to uninsured depositors, creditors and shareholders of additional 14 banks in liquidation.

In a statement by Bashir Nuhu, director, Communication and Public Affairs Department, the NDIC stated that while stakeholders of eight closed banks are to receive their first round of liquidation dividend payments, those of the other six are to be paid additional sums due to them as part of their liquidation dividends.

The release listed the banks as City Express Bank, All States Trust Bank, Allied Bank, Commerce Bank, North South Bank, Cooperative and Commerce Bank and Nigeria Merchant Bank. Others are Hilltop MFB, Olomoyoyo MFB, Evo MFB, Ngwegwe MFB, Bekwarra MFB, Argungu MFB and Edet MFB.

The statement advised eligible stakeholders of the banks to visit the Corporation’s offices nationwide for the verification of their claims or do so on the Corporation’s website.

In a related development, the Corporation has commenced verification of depositors of 22 MFBs whose operating licences were recently revoked by the Central Bank of Nigeria (CBN). The verification exercise is geared towards the payment of insured sums to eligible depositors.

Depositors of the affected MFBs have been advised to visit the closed banks’ addresses where their claims would be verified by the NDIC’s officials. They are also to visit the Corporation’s website for the list of the banks and to verify their claims.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.