NDIC Begins Liquidation Dividend Payments to Premier Commercial Bank Creditors After 25 Years

In a major step toward resolving long-standing financial claims, the Nigeria Deposit Insurance Commission (NDIC) has announced the commencement of liquidation dividend payments to creditors of Premier Commercial Bank, nearly 25 years after the institution was shut down.

Premier Commercial Bank’s license was revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, due to regulatory infractions and financial instability. Since then, the bank has remained under liquidation, with NDIC appointed as the official liquidator tasked with settling claims and distributing assets.

Creditors Invited to Verify and Claim Dividends

In a public notice released by NDIC, all verified creditors of Premier Commercial Bank have been invited to come forward to claim their liquidation dividends. The verification and claims process began on June 2, 2025, and will run until June 27, 2025.

To facilitate the process, NDIC outlined the required documentation for claimants:

• A recent passport-sized photograph

• Proof of deposit or investment (such as passbook, chequebook, term deposit certificate, or bank statement)

• Valid identification, including a driver’s license, international passport, national ID card, NIN slip/card, voter’s card, or a formal ID letter from a traditional ruler or local government official

NDIC emphasized that the process is designed to be seamless and efficient, ensuring that legitimate creditors receive their long-overdue entitlements without unnecessary delay.

A Legacy of Defunct Banks

Premier Commercial Bank is one of 53 banks whose operating licenses were revoked between 1994 and 2018. In most cases, the revocation followed financial mismanagement, non-compliance with CBN regulations, or insolvency. The Federal High Court subsequently issued winding-up orders for these institutions, placing them under NDIC’s administration for formal dissolution.

With this new phase of payment, NDIC continues its mandate of maintaining public trust in Nigeria’s financial system through timely intervention and protection of depositors’ interests.

NDIC’s Broader Liquidation Efforts

The announcement comes on the heels of a similar effort by NDIC involving Pearl Microfinance Bank, one of 18 banks whose licenses were revoked by the CBN in May 2023, alongside 131 other financial institutions. NDIC began disbursing liquidation dividends to affected depositors, creditors, and shareholders of Pearl Microfinance Bank in May 2025, with claims processing running through July 4, 2025.

Commitment to Financial Stability

NDIC’s actions reflect its continued commitment to financial stability and transparency in Nigeria’s banking sector. The Commission reaffirmed that it would ensure verified creditors receive their dues while encouraging stakeholders to complete the verification process promptly.

This long-awaited move provides a sense of closure to many who have waited for years to recover their investments and signals a more proactive approach by NDIC in settling unresolved liquidation cases within Nigeria’s evolving financial landscape.