The Nigeria Deposit Insurance coverage Fee (NDIC) has formally commenced the cost of liquidation dividends to collectors of Premier Industrial Bank, almost 25 years after the bank’s closure.
Premier Industrial Bank was shut down on December 20, 2000, following the revocation of its working license by the Central Bank of Nigeria (CBN).
The bank’s liquidation course of has been ongoing, with NDIC now inviting collectors to say their dividends as a part of closing settlement procedures.
NDIC Urges Collectors to Confirm Claims Earlier than June 27, 2025
In a public discover, NDIC has known as on collectors and different involved stakeholders to go to their nearest NDIC workplace between June 2 and June 27, 2025, to confirm and declare their entitlements.
To facilitate the method, collectors are required to current the next paperwork for verification:
- A current passport-sized {photograph}
- Proof of deposit or shares (e.g., passbook, chequebook, time period deposit certificates, or bank assertion)
- Legitimate identification paperwork, similar to a driver’s license, worldwide passport, nationwide ID card, NIN slip/card, voter’s card, or a written identification letter from a conventional ruler or native authorities chairman
The NDIC assured stakeholders that the cost course of goals to settle excellent claims effectively, making certain that verified collectors obtain their rightful liquidation dividends.
Premier Industrial Bank Amongst 53 Banks Shut Down Over 24-12 months Interval
Premier Industrial Bank is considered one of 53 deposit cash banks closed between 1994 and 2018, following CBN’s revocation of their working licenses attributable to monetary instability and regulatory violations.
To formally dissolve these monetary establishments, the Federal Excessive Court docket issued winding-up orders, appointing the NDIC because the official liquidator chargeable for dealing with creditor settlements and asset distributions.
With the graduation of liquidation dividend funds, the NDIC is taking a crucial step towards resolving long-standing monetary claims stemming from Premier Industrial Bank’s closure.
The fee continues to emphasise the significance of verification and well timed submission of required documentation, making certain that affected collectors can lastly obtain their dues.
What it’s best to know
Final month, NDIC commenced the disbursement of liquidation dividends to depositors, collectors, and shareholders of Pearl Microfinance Bank, which is at the moment present process liquidation.
- NDIC suggested involved people to go to their nearest NDIC workplace between Might 26 and July 4, 2025, to course of their claims.
- Pearl Microfinance Bank was amongst 18 different banks listed for asset liquidation, following the revocation of its working license, alongside 131 different monetary establishments, by the Central Bank of Nigeria (CBN) in Might 2023.
As Nigeria’s monetary system continues to evolve, regulatory companies like NDIC stay dedicated to sustaining banking stability and defending depositor pursuits, reinforcing confidence within the sector.
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