FULL LIST of 20 CBN liquidated banks

N1.39 billion has been distributed to 36,163 depositors of 110 closed microfinance banks and three primary mortgage banks by the Nigeria Deposit Insurance Corporation (NDIC).

The Central Bank of Nigeria (CBN) recently revoked the licences of some MFBs and PMBs, indicating that the payments of the mandatory insured sums are still in progress, according to NDIC CEO Bello Hassan, as reported by The Nation.

The head of the NDIC clarified that after recovering debts and liquidating the physical assets of the liquidated banks, depositors whose funds above the insured level would receive liquidation dividends.

Hassan made this revelation on Thursday in Lagos during the company’s “Special Day” at the 2023 Lagos International Trade Fair.

According to Hassan, the company started liquidating these banks right away and paid out insured amounts to depositors in a record-breaking three days after the banks closed.

The corporation is currently verifying and paying liquidation dividends to depositors and stakeholders of 20 banks that are going through liquidation, including Allied Bank, Peak Merchant Bank, Commerce Bank, Financial Merchant Bank, Fortune Bank, Gulf Bank, Hallmark Bank, Icon Merchant Bank, Liberty Bank, Nigeria Merchant Bank, North South Bank, Premier Commercial Bank, Prime Merchant Bank, Progress Bank, and Merchant Bank, he stated in another development.

Hassan advised the public to stay away from wonder banks and Ponzi schemes and to keep their money in banks that are licenced, especially for merchants and company owners. Mr. Hssan stated, “The NDIC has continued to address genuine cases of infractions and complaints in relation to their respective insured institutions in its efforts to boost depositors’ confidence in the financial landscape.”