Failed Banks: NDIC Makes Final Dividend Declaration To Depositors, Creditors

The Nigeria Deposit Insurance Corporation (NDIC), has published a final dividend declaration notice to depositors of 20 failed banks. The NDIC also published a final dividend declaration notice to creditors of five banks in-liquidation. The notice published on the Corporation’s website, listed the banks to include ABC Merchant Bank Ltd., Commercial Trust Bank Ltd. and Continental Merchant Bank Plc. Others are Merchant Bank of Africa Ltd., Pan African Bank Ltd., Kapital Merchant Bank Ltd., Eagle Bank and Allied Bank of Nigeria. Others are Cooperative & Commerce Bank, Nigerian Merchant Bank, Rims Merchant Bank, Alpha Merchant Bank and Continental Merchant Bank.

NDIC said depositors and creditors who did not establish their claims to the satisfaction of the director, Claims Resolution Department within 21 days from the date of the publication, would be expunged. The Corporation said that the director would after the expiration of the date proceed to make a final dividend payment without regard to such claims. “NDIC, the official liquidator of the under-listed defunct banks (in-liquidation), hereby notifies the general public of the final call for dividend declaration to depositors, creditors of these banks.

“We, therefore, advise all eligible depositors and creditors of these banks to either meet NDIC officials in any of the NDIC Offices. They can also visit the claims page on NDIC website on www.ndic.gov.ng for the verification of their claims, commencing from Sept. 5 till Oct. 14,’’ the Corporation said. The Corporation also said it was in the process of paying insured and uninsured deposits to depositors of Eurobanc Savings and Loans,Grace field Microfinance Bank and Okporo Microfinance Bank(MFB). It said it was also in the process of paying liquidation dividends to the depositors and ex-staff of MFBs.