The Nigeria Deposit Insurance Corporation (NDIC) has declared an additional N16 billion as a liquidation dividend to be paid to depositors, creditors and shareholders of 20 banks in liquidation.

A statement issued by Bashir Nuhu, NDIC spokesman on Monday, said the declaration followed impressive recoveries from debtors and the realisation of assets of the banks in liquidation.

The statement added that the NDIC commenced verification and payment of stakeholders covered by the declarations within 30 days, starting September 28.

It listed the closed banks covered by the exercise, including Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank and Progress Bank. Others are Merchant Bank of Africa (MBA), Premier Commercial Bank, North South Bank and Prime Merchant Bank.

The NDIC statement also revealed that depositors and creditors of 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 would also benefit.

“It is instructive to note that the ongoing payment is sequel to earlier payment of various sums, which cumulatively amounted to N45.45 billion as liquidation dividends in respect of the 20 banks as of July,” it stated. “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.”

According to the NDIC statement, a liquidation dividend represents an amount in excess of the insured sums paid by the NDIC to depositors of a closed bank. 

(NAN)