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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.
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.
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) |
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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