The Nigeria Deposit Insurance Corporation (NDIC) has invited eligible depositors, creditors and shareholders of the defunct Progress Bank of Nigeria to submit claims ahead of planned final liquidation dividend payments.
In a notice published on October 19, 2026, the corporation said the proposed payments followed recoveries made during the liquidation process.
The NDIC, which serves as the official liquidator of Progress Bank, instructed eligible stakeholders to submit their claims within one month of the notice.
The announcement provides an important opportunity for people and organisations with outstanding claims against the defunct bank to complete the necessary documentation.
How eligible stakeholders can submit claims
The NDIC has directed claimants to visit its official website, ndic.gov.ng, and select the claims section.
Stakeholders may also visit designated NDIC offices across the country to obtain assistance with the process.
Completed claims forms can be submitted electronically as attachments to claimscomplaints@ndic.gov.ng.
The corporation has listed offices in Lagos, Enugu, Benin City, Kano, Ilorin, Bauchi, Sokoto, Yola, Port Harcourt, Abuja, Owerri and Abeokuta.
Claimants should consult the official notice for the relevant contact details and submission requirements.
The deadline is one month from October 19, making timely submission important for eligible stakeholders.
What liquidation dividends mean
Liquidation dividends are distributions made from funds recovered when a company or financial institution is wound up.
In the case of a failed bank, the liquidator identifies and recovers assets, processes valid claims and distributes available funds according to the applicable legal and liquidation framework.
The amount received by an individual claimant can depend on the validity and category of the claim, the funds available and the relevant distribution arrangements.
The NDIC’s announcement confirms its intention to make final payments. However, the notice does not specify the total amount available or the precise amount each stakeholder will receive.
Eligible claimants should therefore avoid assuming that all outstanding claims will automatically be paid in full.
Why the announcement matters
The development highlights the role of the NDIC in managing failed-bank resolutions and handling outstanding obligations.
The corporation protects insured depositors under the applicable deposit insurance framework. It also acts as liquidator in relevant cases, seeking to recover assets and distribute available funds to eligible claimants.
For affected stakeholders, the planned final dividends could provide an opportunity to recover some or all of the amounts due to them, depending on the outcome of the claims process.
The next step is for eligible depositors, creditors and shareholders to verify their status and submit the required documents through official NDIC channels before the deadline.
