The Nigeria Deposit Insurance Corporation (NDIC) has declared N16.18 billion as liquidation dividends to depositors, creditors, and shareholders of 20 banks in liquidation.
Bashir A. Nuhu, Director of Communication and Public Affairs at the NDIC, stated this in a Monday-issued statement.
He added that this follows impressive recoveries from debtors and the realisation of bank assets in liquidation.
To this end, the corporation has commenced the verification and payment of stakeholders covered by the declarations within 30 days, starting on September 28, 2023.
It is instructive to note that the ongoing payment is a sequel to earlier payments of various sums, which cumulatively amounted to N45.45 billion 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: claimscomplaints@ndic.gov.ng.
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.
A liquidation dividend represents an 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 a closed bank after full payment to depositors of such a defunct bank.
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