The Nigerian Deposit Insurance Corporation (NDIC) is set to pay additional N16.18 billion liquidation dividends to depositors, creditors and shareholders of 20 failed banks.

The new payment is coming after the Corporation had previously paid a cumulative sum of liquidation dividends totalling N45.45 billion as of July 2023, which represents amounts exceeding the guaranteed sums to depositors of the 20 banks.

Liquidation dividend represents the amount in excess of the insured sums paid by the NDIC to depositors of a closed bank. This amount is derived from recoveries made from the realization of assets of failed financial institutions and covers payments to creditors and shareholders after the full payment to depositors of the defunct bank.

The Corporation made the statement in response to misleading media reports that the CBN has liquidated 20 banks. It said the banks were liquidated between 1994 and 2018 after their operating licenses where revoked by the apex bank, CBN.

“Contrary to the misleading headline, we would like to clarify that the 20 banks mentioned in those reports were among the banks that had been previously closed due to the revocation of their operating licenses by the Central Bank of Nigeria (CBN) between 1994 and 2018”, the statement said.

The statement further urged relevant stakeholders to visit any NDIC office or access the claims page on our website,, to download, complete, and submit the verification form along with the prescribed supporting documents, and submitted to the dedicated email:

“The closed banks covered by this exercise include 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”.