The Nigeria Deposit Insurance Commission (NDIC) has officially commenced the payment of liquidation dividends to creditors of Premier Commercial Bank, nearly 25 years after the bank’s closure.
Premier Commercial Bank was shut down on December 20, 2000, following the revocation of its operating license by the Central Bank of Nigeria (CBN).
The bank’s liquidation process has been ongoing, with NDIC now inviting creditors to claim their dividends as part of final settlement procedures.
In a public notice, NDIC has called on creditors and other concerned stakeholders to visit their nearest NDIC office between June 2 and June 27, 2025, to verify and claim their entitlements.
To facilitate the process, creditors are required to present the following documents for verification:A recent passport-sized photograph
Proof of deposit or shares (e.g., passbook, chequebook, term deposit certificate, or bank statement)
Valid identification documents, such as a driver’s license, international passport, national ID card, NIN slip/card, voter’s card, or a written identification letter from a traditional ruler or local government chairman
The NDIC assured stakeholders that the payment process aims to settle outstanding claims efficiently, ensuring that verified creditors receive their rightful liquidation dividends.
Premier Commercial Bank is one of 53 deposit money banks closed between 1994 and 2018, following CBN’s revocation of their operating licenses due to financial instability and regulatory violations.
To formally dissolve these financial institutions, the Federal High Court issued winding-up orders, appointing the NDIC as the official liquidator responsible for handling creditor settlements and asset distributions.
With the commencement of liquidation dividend payments, the NDIC is taking a critical step toward resolving long-standing financial claims stemming from Premier Commercial Bank’s closure.
The commission continues to emphasize the importance of verification and timely submission of required documentation, ensuring that affected creditors can finally receive their dues.
Last month, NDIC commenced the disbursement of liquidation dividends to depositors, creditors, and shareholders of Pearl Microfinance Bank, which is currently undergoing liquidation.
NDIC advised concerned individuals to visit their nearest NDIC office between May 26 and July 4, 2025, to process their claims.
Pearl Microfinance Bank was among 18 other banks listed for asset liquidation, following the revocation of its operating license, alongside 131 other financial institutions, by the Central Bank of Nigeria (CBN) in May 2023.
As Nigeria’s financial system continues to evolve, regulatory agencies like NDIC remain committed to maintaining banking stability and protecting depositor interests, reinforcing confidence in the sector.
