The Nigeria Deposit Insurance Commission (NDIC) has started distributing liquidation dividends to creditors of Premier Commercial Bank, which was closed on December 20, 2000 following the revocation of its licence by the Central Bank of Nigeria (CBN). Nearly 25 years on, affected depositors and shareholders can now claim their entitlements.
In a public notice, the NDIC has invited creditors to visit any NDIC office between June 2 and June 27, 2025, to verify their claims. To facilitate the process, claimants must present:
- A recent passport photograph
- Proof of their deposits or shareholdings (e.g., passbook, cheque book, term deposit certificate, or bank statement)
- Valid identification (driver’s licence, international passport, national ID, NIN slip/card, voter’s card, or an official letter from a local authority)
The liquidation of Premier Commercial Bank forms part of a broader programme in which 53 deposit money banks were wound up between 1994 and 2018 due to financial irregularities. In each case, the Federal High Court issued a winding-up order, appointing the NDIC as liquidator to manage asset sales and settle creditor claims.
Last month, the NDIC also began paying out dividends to creditors of Pearl Microfinance Bank, another institution currently under liquidation. That window runs until July 4, 2025, underscoring the commission’s ongoing efforts to resolve long-standing claims and bolster confidence in Nigeria’s financial system.
Stakeholders are urged to act promptly and ensure their documentation is in order to receive the full benefits of these long-awaited payments.
