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From Adanna Nnamani, Abuja
Two and a half decades after Premier Commercial Bank was shut down, the Nigeria Deposit Insurance Corporation (NDIC) has officially commenced payment of liquidation dividends to the bank’s verified creditors.
Premier Commercial Bank, once a functioning financial institution, had its operating license revoked by the Central Bank of Nigeria (CBN) in 2000. Since then, thousands of creditors have waited in limbo while the bank’s liquidation process dragged on. The bank’s liquidation process, which has been overseen by the NDIC is now entering its final stages with the settlement of outstanding creditor claims.
In a public notice issued by the commission, the NDIC invited all eligible creditors to visit any of its offices nationwide from June 2 to June 27, 2025. to complete verification and claim their entitlements.
To facilitate the process, claimants are required to present a recent passport-sized photograph as part of identity verification.
They must also provide proof of deposit or shareholding. which could include a passbook, chequebook, certificate of deposit, or a recent bank statement confirming their status as creditors.
Additionally, they are expected to present valid means of identification, such as a driver’s license, international passport, national ID card, NIN slip or card, voter’s card, or a written identification letter from a recognized traditional ruler or a local government chairman.
The NDIC has assured stakeholders that the payment process aims to be transparent and efficient, ensuring that verified creditors receive their rightful liquidation dividends without unnecessary delays.
Premier Commercial Bank is one of 53 deposit money banks closed between 1994 and 2018, following the CBN’s revocation of licenses due to regulatory violations and insolvency.
In each case, the Federal High Court issued winding-up orders and appointed the NDIC as the official liquidator to manage asset distribution and creditor settlements.
The commencement of these dividend payments marks a significant step toward resolving long-standing financial claims arising from the bank’s collapse.
Meanwhile, just last month, the NDIC began disbursing liquidation dividends to depositors, creditors, and shareholders of Pearl Microfinance Bank? another institution currently undergoing liquidation. Concerned individuals were advised to visit NDIC offices on a stipulated date to process their claims.
Pearl Microfinance Bank was among 18 institutions listed for liquidation following the revocation of its operating license by the CBN in May 2023, alongside 131 other financial entities across the country.
