The Nigeria Deposit Insurance Corporation (NDIC) has made a significant announcement regarding the declaration of N16.18 billion in liquidation dividends. These dividends are intended for depositors, creditors, and shareholders associated with 20 banks currently in the process of liquidation.
This announcement follows impressive efforts in recovering outstanding debts and the realization of assets from the banks undergoing liquidation. The news was shared by the Director of Communication and Public Affairs at the NDIC, Bashir Nuhu, in a statement released on Monday.
The NDIC has wasted no time in taking action, as it has already commenced the verification and payment process for stakeholders who fall under the scope of these declarations. The payment process began on September 28th and is expected to be completed within 30 days.
To put this into perspective, the ongoing payment is part of a series of disbursements that have already totaled N45.45 billion in liquidation dividends for the 20 banks as of July 2023.
The list of closed banks covered by this exercise includes several familiar names such as Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), and Premier Commercial Bank. Additionally, North South Bank and Prime Merchant Bank, among others, are part of this process.
The declaration of these liquidation dividends is a positive development for stakeholders involved with these banks. It signifies progress in resolving the financial matters associated with these institutions and ensuring that those who are owed receive their dues.
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