Money

NDIC begins payment to customers of 14 defunct banks

Published

2 years ago

June 30, 2021

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

The Director of Communication and Public Affairs Department, NDIC, Mr Bashir Nuhu, made this known in a statement issued on Monday.

According to him, stakeholders in eight of the defunct banks will receive their first round of liquidation dividend payments, while six others will be paid additional sums as part of their liquidation dividends.

The banks involved include, City Express, All States Trust, Allied Bank, Commerce Bank, North South Bank, Cooperative and Commerce Bank and Nigeria Merchant Bank.

Others are Hilltop Micro-Finance Bank (MFB), Olomoyoyo MFB, Evo MFB, Ngwegwe MFB, Bekwarra MFB, Argungu MFB and Edet MFB.

The corporation advised eligible stakeholders of the banks to visit its offices nationwide for the verification of their claims or do so on its website.

NDIC added that it had started the verification for depositors of 22 Micro-Finance Banks (MFBs) whose operating licences were recently revoked by the Central Bank of Nigeria (CBN).

The exercise, according to NDIC, is geared toward payment of insured sums to eligible depositors.

It explained that depositors of the affected MFBs had been advised to visit the closed banks’ addresses where their claims would be verified by its officials.