The Nigeria Deposit Insurance Corporation (NDIC) said it has realized  N16.18 billion liquidation dividends from 20 banks. The banks were those liquidated by the NDIC.

Liquidated dividends are monies in excess of the insured sums paid by NDIC to depositors of failed banks from returns made from sales of assets of the banks.

It also covers the amount paid to creditors of the liquidated banks after full payment is made to  depositors of the failed banks.

In a statement signed by Bashir Nuhu, NDIC Director of Communications and Public Affairs, he said the achievement was as a result of impressive recoveries from debtors and the sales of assets of the banks in liquidation.

He said NDIC had commenced verification and payment of the dividends from Sept. 28, 2023 to stakeholders covered by the declarations within 30 days.

He noted that the ongoing payment was sequel to earlier payment of various sums amounting to N45.45 billion as liquidation dividends in respect of the 20 banks as at July 2023

He also disclosed that 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 to download, complete and submit the verification form with prescribed supporting documents to the dedicated email for the purpose.

The liquidated banks covered by the exercise are Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Progress Bank, Merchant Bank of Africa (MBA), 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 in-liquidation,” NDIC said.

Liquidation dividend represents amount in excess of the insured sums paid by the NDIC to depositors of a closed bank rom recoveries made from realisation of assets of failed financial institutions. It also covers amount paid to creditors of closed bank after full payment to depositors of such defunct bank.