<< Back

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

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

• A1. Savannah Bank of Nigeria Plc, licence revoked Feb. 16, 2002, click sbn-court-proceedings
• A2. Peak Merchant Bank Limited, licence revoked Feb. 28, 2003,click pmb-court-proceedings
• B1. Eagle Bank Plc, licence revoked Jan. 16, 2006, (NDIC appointed Provisional Liquidator) click eb-court-proceedings
• B2. Fortune Bank Plc, licence revoked Jan. 16, 2006, (NDIC appointed Provisional Liquidator) click fb-court-proceedings
• B3. Liberty Bank Plc, licence revoked Jan. 16, 2006, click lb-court-proceedings
• B4. Societe Generale Bank of Nigeria Plc, licence revoked Jan. 16, 2006, click sgbn-court-proceedings
• B5. Triumph Bank Plc, licence revoked Jan. 16, 2006, click tb-court-proceedings

 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.