Nigeria: NDIC Begins Payment to Depositors in 14 Closed Banks

The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to commence payment of liquidation dividends to uninsured depositors, creditors and shareholders of 14 banks in-liquidation.

The corporation announced this on Monday in Abuja in a statement by its Director of Communication and Public Affairs Department, Mr Bashir Nuhu.

It said stakeholders of eight closed banks were to receive their first round of liquidation dividend payments, while six others were to be paid additional sums as part of their liquidation dividends.

The NDIC listed the banks to include, City Express, All States Trust, Allied Bank, Commerce Bank, North South Bank, Cooperative and Commerce Bank and Nigeria Merchant Bank.

Others are Hilltop Micro-Finance Bank (MFB), Olomoyoyo MFB, Evo MFB, Ngwegwe MFB, Bekwarra MFB, Argungu MFB and Edet MFB.

The corporation advised eligible stakeholders of the banks to visit its offices nationwide for the verification of their claims or do so on its website.

It said it had also commenced verification for depositors of 22 Micro-Finance Banks (MFBs) whose operating licences were recently revoked by the Central Bank of Nigeria (CBN).

The exercise, according to NDIC is geared toward payment of insured sums to eligible depositors.

It explained that depositors of the affected MFBs had been advised to visit the closed banks' addresses where their claims would be verified by its officials.

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