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CBN Liquidates 20 Banks - NDIC (names) - Business - Nairaland

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CBN Liquidates 20 Banks - NDIC (names) by dre11(m): 2:20pm On Nov 11, 2023
CBN liquidates Allied Bank, Commerce Bank, Fortune Bank, Gulf Bank, Hallmark Bank, 15 others —NDIC

The Nigeria Deposit Insurance Corporation (NDIC) has paid N1.39 billion to 36,163 depositors of 110 closed microfinance banks and three primary mortgage banks.

According to the CEO of NDIC, Bello Hassan, this followed the recent revocation of some MFBs and PMBs licences by the Central Bank of Nigeria (CBN), revealing that the payments of the statutory insured sums are still ongoing.

The NDIC boss explained that depositors with funds exceeding the insured limit would receive liquidation dividends after recovering debts and selling the closed banks’ physical assets.

Hassan disclosed this at the corporation’s ‘Special Day’ at the 2023 Lagos International Trade Fair on Thursday in Lagos.

Hassan said the corporation promptly commenced the liquidation of these banks and began disbursing insured sums to depositors within a record time of three days of the banks’ closure.

“In another development, the corporation is currently in the process of verifying and paying liquidation dividends to depositors and stakeholders of 20 banks in liquidation, including 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, and Merchant Bank,” he said.

Hassan urged the public, especially traders and businesspeople, to keep their funds in licensed banks, advising them to avoid patronising wonder banks and Ponzi schemes. “The NDIC, in its efforts to boost depositors’ confidence in the financial landscape, has continued to address genuine cases of infractions and complaints in relation to their respective insured institutions,” said Mr Hassan.

https://thenationonlineng.net/cbn-liquidates-allied-bank-commerce-bank-fortune-bank-gulf-bank-hallmark-bank-15-others-ndic/

12 Likes 5 Shares

Re: CBN Liquidates 20 Banks - NDIC (names) by Greyworld: 2:26pm On Nov 11, 2023
Is it just me that doesn't know any of those banks?

406 Likes 30 Shares

Re: CBN Liquidates 20 Banks - NDIC (names) by TheBillyonaire: 3:05pm On Nov 11, 2023
These banks existed as SPV for money laundering and the 1.39 billion will also be shared to ghosts populating their ledgers.

Hoo-Ray!

175 Likes 15 Shares

Re: CBN Liquidates 20 Banks - NDIC (names) by TemplarLandry: 3:08pm On Nov 11, 2023
cool

1 Like 1 Share

Re: CBN Liquidates 20 Banks - NDIC (names) by GreatrAnalyst: 4:06pm On Nov 11, 2023
...
Re: CBN Liquidates 20 Banks - NDIC (names) by sallazlee(m): 4:06pm On Nov 11, 2023
All is well
Re: CBN Liquidates 20 Banks - NDIC (names) by lawalosky(m): 4:07pm On Nov 11, 2023
Senators and ministers bank.

If u no u no.

63 Likes 3 Shares

Re: CBN Liquidates 20 Banks - NDIC (names) by Woodshot: 4:07pm On Nov 11, 2023
In the US you would hear names like; JPMorgan Chase
Citigroup
Wells Fargo & Co
U.S. Bancorp
PNC Financial Services
Truist Financial Corporation
Goldman Sachs ...

But these Nigerian banks names would make me not put my money there

58 Likes 7 Shares

Re: CBN Liquidates 20 Banks - NDIC (names) by slivertongue: 4:07pm On Nov 11, 2023
ancient Banks

10 Likes 3 Shares

Re: CBN Liquidates 20 Banks - NDIC (names) by NaijaCover(m): 4:07pm On Nov 11, 2023
Hmmmmmm
Re: CBN Liquidates 20 Banks - NDIC (names) by guass(m): 4:07pm On Nov 11, 2023
Have not heard of these bank before

36 Likes 1 Share

Re: CBN Liquidates 20 Banks - NDIC (names) by curlarpy: 4:07pm On Nov 11, 2023
R.I.P to the banks.... And congratulations to some of their debtors

11 Likes 2 Shares

Re: CBN Liquidates 20 Banks - NDIC (names) by SIXTEENTH(m): 4:07pm On Nov 11, 2023
Greyworld:
Is it just me that doesn't know any of those banks?

You're not alone on this one

19 Likes 2 Shares

Re: CBN Liquidates 20 Banks - NDIC (names) by FalseProphet1(m): 4:07pm On Nov 11, 2023
sad

1 Like

Re: CBN Liquidates 20 Banks - NDIC (names) by bookson(m): 4:08pm On Nov 11, 2023
What bank are those? I know them not please

8 Likes

Re: CBN Liquidates 20 Banks - NDIC (names) by dust144(m): 4:08pm On Nov 11, 2023
Where those banks existing?

6 Likes

Re: CBN Liquidates 20 Banks - NDIC (names) by javaguru: 4:08pm On Nov 11, 2023
Which 1 is in Nigeria

3 Likes

Re: CBN Liquidates 20 Banks - NDIC (names) by loveli2uall: 4:08pm On Nov 11, 2023
Noted
Re: CBN Liquidates 20 Banks - NDIC (names) by simplepee(f): 4:08pm On Nov 11, 2023
Never heard of them.

8 Likes

Re: CBN Liquidates 20 Banks - NDIC (names) by Neddyogu(m): 4:08pm On Nov 11, 2023
How many times this Hallmark Bank go die sef?

39 Likes 4 Shares

Re: CBN Liquidates 20 Banks - NDIC (names) by simplepee(f): 4:08pm On Nov 11, 2023
Neddyogu:
How many times this Hallmark Bank go die sef?
Maybe na Vampire.

46 Likes 2 Shares

Re: CBN Liquidates 20 Banks - NDIC (names) by DaddyJapan(m): 4:08pm On Nov 11, 2023
Greyworld:
Is it just me that doesn't know any of those banks?

That's because most of them were closed off during the last millennia. cool

Below is the list of Fifty-Three (53) deposit money banks which were closed, following the revocation of their operating licences by the Central Bank of Nigeria (CBN), between 1994 and 2018. The Corporation has successfully obtained Fifty-Two (51) Court Orders from the Federal High Court, to wind up the affairs of the financial institutions and appointing the Nigeria Deposit Insurance Corporation (NDIC) as Liquidator of the banks. Two (2) Winding up Orders remain outstanding, as the petition to wind up the affairs of the defunct Triumph Bank and Peak Merchant Bank were challenged and still pending in court. The Corporation is currently at different levels of winding up the affairs of the closed banks.

Source: https://ndic.gov.ng/failure-resolution/closed-financial-institutions/

12 Likes 1 Share

Re: CBN Liquidates 20 Banks - NDIC (names) by Favoritechrist2: 4:08pm On Nov 11, 2023
[quote author=dre11 post=126910304]CBN liquidates Allied Bank, Commerce Bank, Fortune Bank, Gulf Bank, Hallmark Bank, 15 others —NDIC




The banks seems to be non existent

3 Likes

Re: CBN Liquidates 20 Banks - NDIC (names) by mbahdi(m): 4:09pm On Nov 11, 2023
Tinubu men
Re: CBN Liquidates 20 Banks - NDIC (names) by Neddyogu(m): 4:09pm On Nov 11, 2023
simplepee:
Maybe na Vampire.
Hmmmm
Re: CBN Liquidates 20 Banks - NDIC (names) by Luckysbab: 4:09pm On Nov 11, 2023
Naija ehn... smiley
Re: CBN Liquidates 20 Banks - NDIC (names) by Built2last: 4:10pm On Nov 11, 2023
Many of the depositors have died.

Nigeria na blue film. The moaning is not real.

how do you pay depositors 20 years after a bank went burst

10 Likes 2 Shares

Re: CBN Liquidates 20 Banks - NDIC (names) by Skillsnigeria: 4:11pm On Nov 11, 2023
Hmmm
Re: CBN Liquidates 20 Banks - NDIC (names) by dfrost: 4:11pm On Nov 11, 2023
Aha... long time coming

1 Like

Re: CBN Liquidates 20 Banks - NDIC (names) by honestivo(m): 4:12pm On Nov 11, 2023
Hope is for good

1 Like 1 Share

Re: CBN Liquidates 20 Banks - NDIC (names) by emmanuelbrown26: 4:12pm On Nov 11, 2023
What's hallmark bank doing their, I thought hallmark was closed many years ago or what
All these mushroom banks and their fraudulent way

6 Likes 2 Shares

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