How to recover lost funds in 20 failed commercial banks across the country

  • Nigerians who have savings in 20 failed commercial banks now have the opportunity to recover their funds.
  • The NDIC guaranteed that no customer funds would be lost and that anyone filing claims should provide identification
  • One of the primary worries for Nigerians with bank accounts is their funds’ security

The Nigeria Deposit Insurance Corporation(NDIC), a parastatal under the Nigerian Ministry of Finance, has recovered customers deposits in 20 failed banks.

Bello Hassan, the NDIC’s managing director/CEO disclosed this while speaking at the Abuja International Trade Fair.

Leadership reports that Hassan described the recovery as NDIC fulfilling its promise of protecting depositors in the event of bank failures.

failed bank customers Nigeria
Banking hall in Lagos
Credit: Dailytrust

The MD of NDIC, who was represented by the director of corporate services, Nuhu Bashi, also pledged complete payment to consumers who come forward to claim their stranded cash in the banks.

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His words:

“The implication of this is that, through our dogged liquidation activities, the corporation has realised enough funds to fully pay all depositors of the banks.”

List of failed banks in Nigeria

The affected banks are ABC Merchant Bank Limited; Allied Bank of Nigeria; Alpha Merchant Bank Pic.; Amicable Bank of Nig. Limited; Commerce Bank; Commercial Trust Bank Limited; Continental Merchant Bank Pic.: Cooperative & Commerce Bank Plc and Eagle Bank; Financial Merchant Bank Limited.

Others are Icon Limited (Merchant Bank); Ivory Merchant Bank; Kapital Merchant Bank Limited; Mercantile Bank of Nig. Plc.; Merchant Bank of Africa Limited; Nigeria Merchant Bank Plic.; Pan African Bank Limited; Premier Commercial Bank Limited; Progress Bank of Nigeria; and Rims Merchant Bank Limited.

What should failed bank customers do?

NDIC called on depositors, creditors, and shareholders of the listed closed banks to avail themselves of the verification platforms provided by the Corporation to claim their funds, The Guardian reports.

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Hassan states:

“Notices have also been sent to creditors of seven deposit money banks (DMBs) in-liquidation as well as depositors and ex-staff of two micro-finance banks (MFBs) and a primary mortgage bank (PMB) to come forward for settlement of their trapped funds in the failed banks.

“This affected are at liberty to visit any of the corporation’s nearest offices physically or utilise the NDIC App online or visit the claim page on our website:, to expedite processing of their claims.”

Zenith, Gtbank lead list of Nigeria’s most valuable banks

Meanwhile, an earlier report by showed Zenith Bank kicked off 2022 as Nigeria’s most valuable commercial bank.

Guaranty Trust Bank is the second most valuable bank, followed by Stanbic IBTC Holdings to round out the top three most valuable banks.

In addition, the aggregate market cap of all the banks under review increased by N46.6 billion to N3.84 trillion.


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