After 25 Years, NDIC Begins Payment to Depositors of Premier Commercial Bank, Invites Depositors

• The Nigeria Deposit Insurance Corporation has begun paying out dividends to customers of the failed Premier Commercial Bank after 25 years
• Premier Commercial Bank became defunct in 2000 after the Central Bank of Nigeria (CBN) revoked its operating licence, citing insolvency and violations
• The NDIC disclosed in a recent statement that creditors and depositors of the bank should come for verification between June 2 and June 27, 2025

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

25 years after Premier Commercial Bank closed its shops, the Nigeria Deposit Insurance Corporation (NDIC) has begun payment of liquidation dividends to the bank’s verified creditors and depositors.

The Central Bank of Nigeria (CBN) revoked Premier Commercial Bank’s operating license in 2000.

NDIC sets verification date

Since the bank’s liquidation, thousands of the bank’s creditors have been waiting while the liquidation process continued.

Premier Bank’s liquidation process is now in its final stages with the settlement of outstanding claims to creditors.

The NDIC disclosed in a public statement, inviting all eligible creditors to visit any of its offices nationwide from June 2 to June 27, 2025, to complete the verification process and claim their entitlements.

Requirements for payments

Customers are required to present a recent passport photograph as part of the verification process.

According to reports, they must also provide deposit proof or shareholding, including a passbook, chequebook, certificate of deposit, or a recent bank statement, indicating their position as creditors.’

Also, claimants should present valid ID such as a driver’s licence, an international passport, a national ID card, a NIN slip, a voters card, or a letter of identification from a recognised traditional ruler or a local government chairman.

The Corporation assured creditors and other stakeholders that the payment process would be transparent and efficient, ensuring that verified creditors get their liquidation dividends without delays.

Premier Commercial Bank was among the 53 banks that shut down between 1994 and 2018, following CBN’s revocation of licenses due to regulatory breaches and insolvency.

NDIC begins dividend payment to Pearl MfB customers

To ease payments, the Federal High Court ordered a winding up of the banks and appointed the NDIC as the official liquidator to manage the banks’ assets and distribute settlements to creditors.

The Sun reports that the commencement of the dividend payment is a significant step in resolving long-awaited financial claims from the bank’s liquidation.

Legit.ng previously reports that in May, the NDIC began disbursing liquidation dividends to depositors, creditors, and shareholders of Pearl MfB.

The financial institution is currently under liquidation, with the NDIC asking stakeholders and depositors to visit NDIC offices to process their claims.

The microfinance bank was among the 18 listed for liquidation after the CBN revoked its operating license in May 2023, alongside 131 other financial institutions.

NDIC pays Heritage Bank customers

Legit.ng reported that the NDIC said it reimbursed 82.36% of the deposit of the defunct Heritage Bank with deposits below the maximum insured deposit. 

Bahir Nuhu, the NDIC’s spokesperson, revealed this, saying that the agency achieved the feat by using BVN-linked alternative accounts of customers of the liquidated bank.

Vanguard reports that the agency disclosed the achievement without customers visiting the NDIC offices or filling out any forms.

Source: Legit.ng