Lagos, Nigeria – The Central Bank of Nigeria (CBN) has taken a drastic step in restructuring the country’s banking landscape by liquidating 20 banks.
This development, confirmed by the Nigeria Deposit Insurance Corporation (NDIC), marks a significant turn in Nigeria’s financial sector.
NDIC’s Immediate Response
Following the liquidation, the NDIC has swiftly disbursed N1.39 billion to 36,163 depositors of the affected banks, which include 110 microfinance banks and three primary mortgage banks.
List of Liquidated Banks
- Allied Bank
- Peak Merchant Bank
- Commerce Bank
- Continental Merchant Bank
- Financial Merchant Bank
- Fortune Bank
- Gulf Bank
- Hallmark Bank
- Icon Merchant Bank
- Liberty Bank
- Nigeria Merchant Bank
- North South Bank
- Premier Commercial Bank
- Prime Merchant Bank
- Progress Bank
- Merchant Bank
- [4 other banks]
NDIC’s Advice to the Public
In response to these closures, NDIC CEO Bello Hassan has urged the public to use licensed banks and avoid unregulated financial schemes.
Next Steps
The NDIC is now focused on verifying and paying liquidation dividends to depositors and stakeholders of these banks. The process involves recovering debts and selling off the banks’ assets to ensure fair compensation for those with funds exceeding the insured limit.
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Source: MandyNews.com
