NDIC Lists 20 Failed Banks, Asks Depositors To Claim Payment

The Nigeria Deposit Insurance Corporation (NDIC) has called on customers of 20 failed banks in Nigeria to come for verification and payment of their deposits that are more than the guaranteed sums known as liquidation dividends.

The Nigeria Insurance Deposit Corporation (NDIC) made the call at the ongoing Lagos International Trade Fair.

The development was a sequel to the Nigerian government’s decisive move which has come up with the names of the 20 failed banks in Nigeria and asked the customers of the designated banks to come for settlement.

According to the NDIC, it has recouped enough funds through the sales of the assets of the failed banks to settle depositors.

Lindaikeji Blog reports that the Managing Director and Chief Executive Officer of NDIC, Bello Hassan, made the call while delivering a speech at the Corporation’s special day at the 36th Lagos International Trade Fair.

Thus, the NDIC is an agency empowered to administer the Deposit Insurance System DIS, in Nigeria, thereby protecting depositors of deposit-taking financial institutions.

They, therefore, provide incentives for sound risk management in the Nigerian banking system as well as contribute to the stability of the financial system.

The affected banks are ABC Merchant Bank Limited: Allied Bank of Nigeria; Alpha Merchant Bank Plc.; Amicable Bank of Nig. Limited: Commerce Bank; Commercial Trust Bank Limited; Continental Merchant Bank Pic. Cooperative & Commerce Bank Plc.; Eagle Bank; Financial Merchant Bank Limited: Icon Limited (Merchant Bank); lvory Merchant Bank; Kapital Merchant Bank Limited; Mercantile Bank of Nig. Pic.; Merchant Bank of Africa Limited; Nigeria Merchant Bank Plc.; Pan African Bank Limited; Premier Commercial Bank Limited; Progress Bank of Nigeria; and Rims Merchant Bank Limited.


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