NDIC Debunks Misleading Reports on Liquidated Banks

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By Olusegun Obisanya

The Nigeria Deposit Insurance Corporation has debunked recent misleading publications that it did not carry out any liquidation exercise in recent time, contrary to the publications.

It would be recalled that recently, some online newspapers had carried the “misleading” news that the Corporation liquidated about 20 banks in Nigeria, which the organisation had vehemently denied.

The denial was contained in a recent statement signed by the Director, Communication & Public Affairs, NDIC, Bashir Nuhu, and obtained by our correspondent.

The statement read in part, “The Nigeria Deposit Insurance Corporation (NDIC) wishes to address the recent misleading news reports circulating on various social media platforms under the headline “CBN Liquidates 20 Banks – NDIC (Names).” “Contrary to the misleading headline, the Corporation would like to clarify that the 20 banks mentioned in those reports were among the banks that had been previously closed between 1994 and 2006 due to the revocation of their operating licenses by the Central Bank of Nigeria (CBN).

“The general public should be aware that the NDIC has fulfilled its commitment by paying the statutory guaranteed sums to the concerned depositors. Furthermore, the Corporation has made cumulative payments of liquidation dividends totalling N45.45 billion as of July 2023, representing amounts exceeding the guaranteed sums to depositors of the 20 banks.”

The Corporation urged stakeholders to visit any NDIC office or access the claims page on the its website, www.ndic.gov.ng, to download, complete, and submit the verification form along with the prescribed supporting documents. Submissions should be sent to the dedicated email: claimscomplaints@ndic.gov.ng.

The statement listed liquidated banks in the years mentioned above to include Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa, 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.

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