The Nigeria Deposit Insurance Corporation (NDIC) has commenced payments of liquidation dividends to depositors, creditors, and shareholders of Pearl Microfinance Bank, which is currently under liquidation.
According to Financial Services Report, this payment is part of NDIC’s ongoing effort to support stakeholders impacted by the closure of microfinance institutions, particularly those whose licenses were revoked by the Central Bank of Nigeria (CBN) in 2023.
Eligible beneficiaries must present valid identification, a recent passport photograph, and proof of deposit or shareholding such as a passbook or deposit certificate. Claims can be filed in person at designated NDIC offices or remotely via the official claims portal. The physical verification process will run from May 26 to July 4, 2025.
The NDIC clarified that this disbursement helps support confidence in Nigeria’s financial recovery efforts and reflects the regulatory authority’s commitment to depositor protection.
In 2024, the NDIC also organized public auctions for the sale of assets from failed microfinance banks. Items such as office equipment, generators, and vehicles were made available for bidding. Pearl Microfinance Bank was among 18 banks included in this asset liquidation process, following the CBN’s revocation of licenses for 132 microfinance and mortgage banks.
The CBN stated that these institutions failed to operate for over six months, violated licensing conditions, and did not meet obligations outlined under the Banks and Other Financial Institutions Act (BOFIA) 2020.
“The issuance of liquidation dividends by NDIC is a key step in ensuring affected depositors and shareholders receive fair compensation,” an NDIC official said.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
