Wednesday, December 7, 2022

NDIC invites depositors of liquidated banks for verification, claims settlement

The affected depositors, creditors and shareholders are from 20 liquidated banks.

• November 8, 2022
Nigeria Deposit Insurance Corporation (NDIC)
Nigeria Deposit Insurance Corporation (NDIC)

The Managing Director of Nigeria Deposit Insurance Corporation, Bello Hassan, has asked depositors, creditors and shareholders of 20 liquidated banks to avail themselves of its verification platforms to claim their funds.

Mr Hassan, who made the call at NDIC’s special day at the ongoing 36th Lagos International Trade Fair on Tuesday in Lagos, said the corporation had recorded significant achievements in the area of bank liquidation.

He said verification of depositors of Post Service Savings and Loans (in-liquidation) had commenced at the premises of the defunct bank nationwide in preparation for settlement of their claims.

“Recently, through newspaper adverts, radio and television announcements and notices on our website and social media handles, the Corporation repeated its call to depositors of 20 closed banks to come for verification.

“The Corporation has declared full (100 per cent) liquidation dividends, depositors of closed banks, and calls them to come forward for verification and payment of their deposits that are in excess of the guaranteed sums, otherwise called ‘liquidation dividends.’

“The affected banks are ABC Merchant Bank Ltd., Allied Bank of Nigeria, Alpha Merchant Bank Plc, Amicable Bank of Nig. Ltd., Commerce Bank, Commercial Trust Bank Ltd., and Continental Merchant Bank Plc.

“Others are: Cooperative and Commerce Bank Plc! Eagle Bank, Financial Merchant Bank Ltd., Icon Ltd., (Merchant Bank), Ivory Merchant Bank, Kapital Merchant Bank Ltd. and Mercantile Bank of Nig. Plc.

“Merchant Bank of Africa Ltd., Nigeria Merchant Bank Plc., Pan African Bank Ltd., Premier Commercial Bank Ltd., Progress Bank of Nigeria and Rims Merchant Bank Ltd.,” he said.

Mr Bello was represented by Mr Bashir Nuhu, Director, Communication and Public Affairs Department, NDIC.

The NDIC boss noted that the implication of this was that, through the corporation’s dogged liquidation efforts, it had realised enough funds to fully pay all depositors of the listed banks.

He said notices were also sent to creditors of seven deposit money banks in-liquidation as well as depositors and ex-staff of Eurobank Savings and Loans, Okporo MFB and Eurofield MFB.

Mr Bello said besides radio announcements, newspapers adverts, handbills and posters, details were also available on its website and social media handles for members of the public to access.

According to him, depositors are at liberty to visit any of the corporation’s offices physically or utilise the NDIC online app or visit the claims page on its website:, to expedite processing of their claims.

He urged them to also call NDIC Toll Free Help Desk Line: 0800 634 424 357 for guidance.

Michael Olawale-Cole, president, Lagos Chamber of Commerce and Industry, said the current global environment had demonstrated the relevance of deposit insurance in stabilising turbulent banking systems and as buffer for financial system stability.

“There is no doubt that Nigeria Deposit Insurance Corporation plays a central role in the maintenance of stability and public confidence in the nation’s financial system.

“Today, the NDIC has recorded several successes including payment of over N119.1 billion to over 5.5 million depositors, creditors and shareholders of failed banks.

“It has also recorded successes in promoting financial literacy and financial inclusion, maintaining strong corporate governance and accounting, promoting regional synergy and collaboration with other government agencies.”

Mr Olawale-Cole was represented by Gabriel Idahosa, deputy president, LCCI.


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