Closed Bank

 Closed Financial Institutions
Below is the list of 45 failed banks which were closed, having had their licences revoked by the Central Bank of Nigeria, between 1994 and 2006. The Federal High Court issued orders for them to be wound up and appointed the Nigeria Deposit Insurance Corporation (NDIC) as Liquidator of the banks.The Corporation is currently winding up the banks.

List of Closed Financial Institutions under Liquidation

S/NONAME OF BANK UNDER LIQUIDATIONDATE OF CLOSURE
1Abacus Merchant Bank LtdJan. 16, 1998
2ABC Merchant Bank LtdJan. 16, 1998
3African Express Bank LtdJan. 16, 2006
4Allied Bank of Nigeria PlcJan. 16, 1998
5Allstates Trust Bank PlcJan. 16, 1998
6Alpha Merchant Bank PlcSept. 08, 1994
7Amicable Bank of Nigeria Plc.Jan. 16, 1998
8Assurance Bank of Nigeria PlcJan. 16, 2006
9Century Merchant Bank Ltd.Jan. 16, 1998
10City Express Bank PlcJan. 16, 2006
11Commerce Bank PlcJan. 16, 1998
12Commercial Trust Bank LtdJan. 16, 1998
13Continental Merchant Bank PlcJan. 16, 1998
14Coop. & Commerce Bank PlcJan. 16, 1998
15Credite Bank Nig. LtdJan. 16, 1998
16Crown Merchant Bank Ltd.Jan. 16, 1998
17Financial Merchant Bank Ltd.Jan. 21, 1994
18Great Merchant Bank Ltd.Jan. 16, 1998
19Group Merchant Bank Ltd.Jan. 16, 1998
20Gulf Bank LtdJan. 16, 2006
21Hallmark Bank PlcJan. 16, 2006
22Highland Bank of Nig PlcJan. 16, 1998
23ICON Ltd. (Merchant Bankers)Jan. 16, 1998
24Ivory Merchant Bank Ltd.Dec. 22, 2000
25Kapital Merchant Bank Ltd.Jan. 21, 1994
26Lead Bank PlcJan. 16, 2006
27Lobi Bank of Nig. Ltd.Jan. 16, 1998
28Mercantile Bank of Nig. Plc.Jan. 16, 1998
29Merchant Bank of Africa Ltd.Jan. 16, 1998
30Metropolitan Bank Ltd.Jan. 16, 2006
31Nigeria Merchant Bank Ltd.Jan. 16, 1998
32North-South Bank Nig. Plc.Jan. 16, 1998
33Pan African Bank Ltd.Jan. 16, 1998
34Pinacle Commercial Bank Ltd.Jan. 16, 1998
35Premier Commercial Bank LtdDec. 22, 2000
36Prime Merchant Bank Ltd.Jan. 16, 1998
37Progress Bank Ltd.Jan. 16, 1998
38Republic Bank LtdJune 29, 1995
39Rims Merchant Bank Ltd.Dec. 22, 2000
40Royal Merchant Bank Ltd.Jan. 16, 1998
41Trade Bank PlcJan. 16, 2006
42United Commercial Bank Ltd.Sept. 8, 1994
43Victory Merchant Bank Ltd.Jan. 16, 1998
44Eagle Bank Plc.Jan. 16, 2006
45Liberty Bank Plc.Jan. 16, 2006

The above list of closed financial institutions does not contain the names of these banks whose licences were revoked by the Central Bank of Nigeria but the Federal High Court is yet to issue winding up orders and appoint the Corporation as Liquidator for the banks. Due to court actions instituted by some of the closed banks’ shareholders challenging the revocation of their banks’ licences, the Corporation was unable to conclude the closing exercise and initiate the payment of deposits to depositors of the banks.

To view the record of Court Proceedings for such closed banks, go to Litigation under Legal Matters/Regulations


UPDATE ON THE LIQUIDATION OF FOURTEEN (14) BANKS AS AT JANUARY 2007
The banking licences of fourteen (14) banks were revoked on 16th January, 2006 by the Central Bank of Nigeria (CBN). The Corporation has so far been appointed the liquidator for nine (9) banks namely; All States Trust Bank Plc, Lead Bank Plc, Assurance Bank Nigeria Limited, Trade Bank Plc, Metropolitan Bank Limited, City Express Bank Limited, Hallmark Bank Plc., African Express Bank Plc. and Gulf Bank of Nigeria Plc. ; and the provisional Liquidator for Fortune Bank and Eagle Bank Plc.

The regulatory authorities decided that Purchase and Assumption Transaction should be adopted to resolve the failure of the 14 banks. Under this arrangement the 9 banks have been or are in the process of being offered to the 25 existing banks to assume their private sector deposits and acquire their assets. The outcome of the bidding processes are as follows:

  1. Ecobank Plc emerged the successful bidder for All States Trust Bank Plc (in-liquidation). Ecobank has reopened all the 65 branches from where the failed All States Trust Bank operated. As the depositors of All States Trust Bank turn up, their deposits are verified and new accounts opened for them as Ecobank customers. Over 32,000 depositors have verified their deposit claims.
  2. Afribank Plc, likewise, emerged the successful bidder for Assurance Bank of Nigeria Plc (in-liquidation) and Lead Bank Plc (in-liquidation). New accounts were opened for depositors of these banks as Afribank customers.
  3. UBA Plc emerged the successful bidder for Trade Bank Ltd (in-liquidation). Verification of depositors commenced on 31st January, 2007

Liquidation activities are at various stages of completion in the rest of the banks where the action of the Corporation is not facing any challenge in court.