Closed Bank

Closed Deposit Money Banks (DMBs)


Below is the list of Fifty-Three (53) deposit money banks which were closed, following the revocation of their operating licences by the Central Bank of Nigeria (CBN), between 1994 and 2018. The Corporation has successfully obtained Fifty-Two (51) Court Orders from the Federal High Court, to wind up the affairs of the financial institutions and appointing the Nigeria Deposit Insurance Corporation (NDIC) as Liquidator of the banks. Two (2) Winding up Orders remain
outstanding, as the petition to wind up the affairs of the defunct Triumph Bank and Peak Merchant Bank were challenged and still pending in court. The Corporation is currently at different levels of winding up the affairs of the closed banks.

List of Closed Financial Institutions under Liquidation

S/NO

NAME OF BANK UNDER LIQUIDATION

DATE OF CLOSURE

1

Abacus Merchant Bank

16 January 1998

2

ABC Merchant Bank

16 January 1998

3

Allied Bank of Nigeria

16 January 1998

4

Alpha Merchant Bank

8 September 1994

5

Amicable Bank of Nig.

16 January 1998

6

Century Merchant Bank

16 January 1998

7

Commerce Bank

16 January 1998

8

Commercial Trust Bank

16 January 1998

9

Continental Merchant Bank

16 January 1998

10

Coop & Commerce Bank

16 January 1998

11

Credite Bank Nigeria

16 January 1998

12

Crown Merchant Bank

16 January 1998

13

Financial Merchant Bank

21 January 1994

14

Great Merchant Bank

16 January 1998

15

Group Merchant Bank

16 January 1998

16

Highland Bank of Nig.

16 January 1998

17

Icon Merchant Bankers

16 January 1998

18

Ivory Merchant Bank

20 December 2000

19

Kapital Merchant Bank

21 January 1994

20

Lobi Bank of Nigeria

16 January 1998

21

Mercantile Bank of Nig.

16 January 1998

22

Merchant Bank of Africa

16 January 1998

23

Nigeria Merchant Bank

16 January 1998

24

North South Bank

16 January 1998

25

Pan African Bank

16 January 1998

26

Peak Merchant Bank

28 February 2003 (Under Litigation)

27

Pinnacle Commercial Bank

16 January 1998

28

Premier Commercial Bank

20 December 2000

29

Prime Merchant Bank

16 January 1998

30

Progress Bank of Nig.

16 January 1998

31

Republic Bank

29 June 1995

32

Rims Merchant Bank

20 December 2000

33

Royal Merchant Bank

16 January 1998

34

United Commercial Bank

8 September 1994

35

Victory Merchant Bank

16 January 1998

36

African Express Bank

16 January 2006

37

Allstates Trust Bank

16 January 2006

38

Assurance Bank

16 January 2006

39

City Express Bank

16 January 2006

40

Eagle Bank Limited

16 January 2006

41

Fortune International Bank

16 January 2006

42

Gulf Bank

16 January 2006

43

Hallmark Bank

16 January 2006

44

Lead bank

16 January 2006

45

Liberty Bank

16 January 2006

46

Metropolitan Bank

16 January 2006

47

Trade Bank

16 January 2006

48

African International Bank

1 August 2013

49

Bank PHB

5 August 2011

50

Spring Bank

5 August 2011

51

Afri Bank

5 August 2011

52

Skye Bank

21 September 2018

53

Triumph Bank

16 January 2006 (Under Litigation)

 

TERMINATION OF LIQUIDATION ACTIVITIES


Out ofthe Fifty-Three (53) closed banks, liquidation activity has been terminated for Skye Bank while (19) banks have been earmarked for termination of liquidation activities. They include: Abacus Merchant Bank; ABC Merchant Bank; Amicable Bank; Alpha Merchant Bank; Century Merchant Bank; Commercial Trust Bank; Credite Bank; Great Merchant Bank; Highland Bank; Ivory Merchant Bank; Lobi Bank; Kapital Merchant Bank; Nigeria Merchant Bank; Pinnacle Commercial Bank; Premier Commercial Bank; Prime Merchant Bank; Republic Bank; Royal Merchant Bank and Victory Merchant Bank. The residual risk assets of the banks have been
sold to the Asset Realization Company (ARCO) and are awaiting declaration of final liquidation dividend.