MEMORY LANE: SEE List Of 53 Deposit Money Banks Liquidated By The CBN Between 1994 And 2018

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ON January 16, 1998, news went viral throughout media houses that the Central Bank of Nigeria, CBN liquidated 17 Deposit Money Banks in a fell swoop within a day.

The devastating effect can be traced to the June 12, 1993 presidential elections that was annulled by President Ibrahim Babangida after discovering that MKO Abiola was about to be announced as the winner.

The prolonged crisis affected many banks who solely depend on foreign exchange as their major source of incomes.

Some of the banks were liquidated in 1998, 2004, 2000, 2006 and 2018.

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Closed Deposit Money Banks (DMBs)

Below is the list of Fifty-Three (53) deposit money banks which were closed, following the revocation of their operating licences by the Central Bank of Nigeria (CBN), between 1994 and 2018.

The Corporation has successfully obtained Fifty-Two (51) Court Orders from the Federal High Court, to wind up the affairs of the financial institutions and appointing the Nigeria Deposit Insurance Corporation (NDIC) as Liquidator of the banks.

Two (2) Winding up Orders remain
outstanding, as the petition to wind up the affairs of the defunct Triumph Bank and Peak Merchant Bank were challenged and still pending in court.

The Corporation is currently at different levels of winding up the affairs of the closed banks.

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List of Closed Financial Institutions under Liquidation

S/NO	NAME OF BANK UNDER LIQUIDATION	DATE OF CLOSURE
1	Abacus Merchant Bank	16 January 1998
2	ABC Merchant Bank	16 January 1998
3	Allied Bank of Nigeria	16 January 1998
4	Alpha Merchant Bank	8 September 1994
5	Amicable Bank of Nig.	16 January 1998
6	Century Merchant Bank	16 January 1998
7	Commerce Bank	16 January 1998
8	Commercial Trust Bank	16 January 1998
9	Continental Merchant Bank	16 January 1998
10	Coop & Commerce Bank	16 January 1998
11	Credite Bank Nigeria	16 January 1998
12	Crown Merchant Bank	16 January 1998
13	Financial Merchant Bank	21 January 1994
14	Great Merchant Bank	16 January 1998
15	Group Merchant Bank	16 January 1998
16	Highland Bank of Nig.	16 January 1998
17	Icon Merchant Bankers	16 January 1998
18	Ivory Merchant Bank	20 December 2000
19	Kapital Merchant Bank	21 January 1994
20	Lobi Bank of Nigeria	16 January 1998
21	Mercantile Bank of Nig.	16 January 1998
22	Merchant Bank of Africa	16 January 1998
23	Nigeria Merchant Bank	16 January 1998
24	North South Bank	16 January 1998
25	Pan African Bank	16 January 1998
26	Peak Merchant Bank	28 February 2003 (Under Litigation)
27	Pinnacle Commercial Bank	16 January 1998
28	Premier Commercial Bank	20 December 2000
29	Prime Merchant Bank	16 January 1998
30	Progress Bank of Nig.	16 January 1998
31	Republic Bank	29 June 1995
32	Rims Merchant Bank	20 December 2000
33	Royal Merchant Bank	16 January 1998
34	United Commercial Bank	8 September 1994
35	Victory Merchant Bank	16 January 1998
36	African Express Bank	16 January 2006
37	Allstates Trust Bank	16 January 2006
38	Assurance Bank	16 January 2006
39	City Express Bank	16 January 2006
40	Eagle Bank Limited	16 January 2006
41	Fortune International Bank	16 January 2006
42	Gulf Bank	16 January 2006
43	Hallmark Bank	16 January 2006
44	Lead bank	16 January 2006
45	Liberty Bank	16 January 2006
46	Metropolitan Bank	16 January 2006
47	Trade Bank	16 January 2006
48	African International Bank	1 August 2013
49	Bank PHB	5 August 2011
50	Spring Bank	5 August 2011
51	Afri Bank	5 August 2011
52	Skye Bank	21 September 2018
53	Triumph Bank	16 January 2006 (Under Litigation)

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TERMINATION OF LIQUIDATION ACTIVITIES

Out of the Fifty-Three (53) closed banks, liquidation activity has been terminated for Skye Bank while (19) banks have been earmarked for termination of liquidation activities. They include: Abacus Merchant Bank; ABC Merchant Bank; Amicable Bank; Alpha Merchant Bank; Century Merchant Bank; Commercial Trust Bank; Credite Bank; Great Merchant Bank; Highland Bank; Ivory Merchant Bank; Lobi Bank; Kapital Merchant Bank; Nigeria Merchant Bank; Pinnacle Commercial Bank; Premier Commercial Bank; Prime Merchant Bank; Republic Bank; Royal Merchant Bank and Victory Merchant Bank. The residual risk assets of the banks have been
sold to the Asset Realization Company (ARCO) and are awaiting declaration of final liquidation dividend.

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