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 the planned payment of final liquidation dividends.
The corporation, which serves as the official liquidator of the failed bank, said it intended to make the final payments following recoveries made during the liquidation process.
In a notice published on October 19, the NDIC directed eligible stakeholders to submit their claims within one month of the publication date through the claims section of its official website or at designated NDIC offices across the country.
Stakeholders urged to submit claims
The notice covers the different categories of eligible stakeholders, including depositors, creditors and shareholders whose claims qualify under the liquidation process.
The NDIC provided contact points at its offices in Lagos, Abuja, Enugu, Benin, Kano, Ilorin, Bauchi, Sokoto, Yola, Port Harcourt, Owerri and Abeokuta to facilitate submissions.
Stakeholders who wish to submit their completed claims electronically can send the required documents to the claims resolution department through the email address provided in the official notice: claimscomplaints@ndic.gov.ng.
The corporation advised affected parties to use its official website and designated offices to obtain information and file their claims.
The deadline means eligible stakeholders should review the requirements promptly and ensure that their documentation is submitted within the stated period. The notice does not mean that every claimant will automatically receive a payment, as claims remain subject to the applicable verification and liquidation procedures.
Recoveries underpin final distribution
The planned payment represents a further stage in the process of winding up the defunct bank’s affairs.
In bank liquidations, recoveries from available assets are used to settle eligible claims in accordance with the applicable legal and distribution framework. The amount ultimately paid to individual claimants depends on the recognised claims and the funds available for distribution.
The NDIC did not disclose in the notice the total amount recovered or the proposed dividend rate for each category of stakeholder.
For affected customers and investors, the announcement provides an opportunity to pursue any eligible outstanding claims through the official process. It also highlights the importance of keeping account records and other supporting documents available when dealing with a failed financial institution.
