NDIC Announces Additional N16.18 Billion in Liquidation Dividends for Depositors and Creditors of 20 Failed Banks

The Nigeria Deposit Insurance Corporation (NDIC) has revealed that depositors, creditors, and stakeholders of 20 failed banks are set to receive an extra N16.18 billion in liquidation dividends. This development will bring the total dividends paid to depositors to N61.63 billion, surpassing the guaranteed sums, with cumulative payments of N45.45 billion made as of July 2023.

In a statement by Bashir Nuhu, the Director of Communication & Public Affairs at NDIC, the clarification aims to address recent reports on the liquidation of 20 banks. These banks had previously been closed due to the revocation of their operating licenses by the Central Bank of Nigeria (CBN) between 1994 and 2018.

The NDIC emphasized that it has fulfilled its commitment by paying the guaranteed sums owed to depositors. Furthermore, due to additional recoveries from debtors of the liquidated banks, the Corporation is set to distribute an extra N16.18 billion in liquidation dividends to depositors, creditors, and shareholders of the 20 banks in liquidation.

This announcement underscores the NDIC’s ongoing efforts to address financial challenges, provide transparency in the liquidation process, and ensure that depositors and creditors receive their entitled dividends from the failed banks.

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