Another Bank Shuts Down, NDIC Begins Payment to Customers, Others
- The Nigeria Deposit Insurance Corporation has begun paying liquidation dividends to stakeholders of the now-defunct Pearl Microfinance Bank
- Stakeholders can claim their dividends by visiting the nearest NDIC office between May 26 and July 4, 2025, or by submitting claims online via the NDIC website
- This initiative aims to ensure secure and efficient payments, while also restoring trust in the financial system
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The payment of liquidation dividends to Pearl Microfinance Bank (MFB) stakeholders has begun by the Nigeria Deposit Insurance Corporation (NDIC).
Source: UGC
As a result, shareholders, creditors, and depositors of the now-defunct Pearl MFB can start reclaiming their legitimate stake.
The NDIC announced this on its official X handle, describing the move as a step toward settling outstanding debts and providing financial relief to customers affected by the bank's collapse.
According to the NDIC, all interested parties are required to visit the nearest NDIC office between May 26 and July 4, 2025, to expedite the claims process.
The Corporation stated that, during this period, it will verify claims to ensure that payments are made securely and accurately.
The NDIC emphasised that this verification exercise is essential for confirming identities, validating claims, and ensuring that all eligible parties receive their rightful compensation
NDIC speaks on alternative
The NDIC also announced an alternative for individuals who may find it difficult to visit its offices in person.
According to the Corporation, stakeholders can download and complete the claims form available on the claims page of the NDIC website, and then submit it via email to claimcomplaints@ndic.gov.ng.
The NDIC stated that this online option is designed to enhance accessibility by providing a convenient way for stakeholders to file their claims without the need for physical travel.
Source: Getty Images
The settlement of the Pearl Microfinance Bank liquidation has improved as a result of the NDIC's initiative. It shows how dedicated regulatory bodies are to safeguarding the interests of shareholders, creditors, and depositors while reviving trust in the financial system.
In order to claim their dividends within the allotted time, stakeholders are urged to act quickly and seize this opportunity.
What happened to Pearl Microfinance Bank?
In May 2023, the Central Bank of Nigeria (CBN) revoked the licenses of 132 financial institutions, including Pearl Microfinance Bank.
The bank was subsequently listed among 18 others slated for asset liquidation.
NDIC speaks on partial reimbursement
Legit.ng earlier reported that the NDIC recently announced that depositors who had N5 million or more in funds at the now-defunct Heritage Bank would only receive a partial reimbursement.
Ibrahim Elisha criticised the NDIC's pro-rata reimbursement plan over the weekend on behalf of the impacted depositors, claiming it is woefully insufficient and reflects serious funding shortages that jeopardise public trust in the nation's banking sector.
The organisation claims that a recent press release, which the depositors say was prepared in response to media pressure, has revealed NDIC's inability to completely reimburse depositors, even after the liquidation of Heritage Bank's assets.
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Source: Legit.ng
