From Adanna Nnamani, Abuja
The Nigeria Deposit Insurance Corporation (NDIC) has commenced payment of liquidation dividends to verified creditors of the defunct Premier Commercial Bank, 25 years after its closure.
The bank’s operating licence was revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, due to financial instability and regulatory non-compliance, marking the start of a prolonged liquidation process overseen by the NDIC.
In a public notice, the NDIC invited eligible creditors to visit any of its zonal offices nationwide between June 2 and June 27, 2025, to verify and claim their entitlements. Claimants must provide a recent passport-sized photograph for identity verification, along with proof of deposit or shareholding, such as a passbook, chequebook, certificate of deposit, or a recent bank statement. Valid identification, including a driver’s licence, international passport, national ID card, NIN slip or card, voter’s card, or a written identification letter from a recognised traditional ruler or local government chairman, is also required.
The NDIC emphasised that the payment process is designed to be transparent and efficient, ensuring verified creditors receive their liquidation dividends promptly. Liquidation dividends represent funds recovered from the sale of a failed bank’s assets and debts, paid to creditors and shareholders after depositors have been fully reimbursed.
Premier Commercial Bank is one of 53 deposit money banks closed between 1994 and 2018, following CBN licence revocations for regulatory violations and insolvency. In each case, the Federal High Court issued winding-up orders, appointing the NDIC as the official liquidator to manage asset distribution and creditor settlements. This payment phase marks a significant milestone in resolving long-standing claims from the bank’s collapse.
Last month, the NDIC also began disbursing liquidation dividends to depositors, creditors, and shareholders of Pearl Microfinance Bank, another institution in liquidation.
Stakeholders were advised to visit NDIC offices between May 26 and July 4, 2025, or submit claims online via the NDIC website. Pearl Microfinance Bank was among 18 institutions listed for liquidation after the CBN revoked its licence in May 2023, alongside 131 other financial entities.
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