CBN closes down 45 Failed Nigerian Banks

CBN List 45 Failed Nigerian Banks and Dates Of Closure

The Nigerian banking industry has been subject to a significant number of bank closures over the past three decades, with approximately 46 commercial and merchant banks having closed their doors for various reasons. These closures have had a profound impact on the country’s financial landscape and have raised questions about the stability and sustainability of the banking sector.

According to available data, the Central Bank of Nigeria has been the primary regulator responsible for revoking the licenses of banks that have failed to meet the required financial and operational standards. Between 1994 and 2006, a total of 45 banks had their licenses revoked by the CBN, leading to the takeover of two commercial banks by United Bank of Africa and Ecobank.

The most recent bank closure occurred in 2018 when Skye Bank had its operating license revoked by the CBN. In response, Polaris Bank was authorized to take over the failed bank. The process of winding up the closed banks was handled by the Nigeria Deposit Insurance Corporation (NDIC), which was appointed as the liquidator by the Federal High Court.

The closure of these banks has not only impacted the financial sector but also affected the wider economy, with many customers losing their savings and investments. However, recent reports suggest that customers of 20 of the failed banks have been asked to come forward to receive their money, providing some relief for those who have been impacted by the bank closures.

The ongoing issue of bank closures in Nigeria highlights the need for greater regulatory oversight and financial stability in the sector. As the country continues to develop and expand its financial services industry, it is essential that measures are put in place to ensure the stability and security of the banking sector, thereby safeguarding the interests of customers and investors alike.

Below is the list of 45 failed banks and the year of closure:

Abacus Merchant Bank Ltd – Jan. 16, 1998

ABC Merchant Bank Ltd – Jan. 16, 1998

African Express Bank Ltd – Jan. 16, 2006

Allied Bank of Nigeria Plc – Jan. 16, 1998

Allstates Trust Bank Plc – Jan. 16, 1998

Alpha Merchant Bank Plc – Sept. 08, 1994

Amicable Bank of Nigeria Plc – Jan. 16, 1998

Assurance Bank of Nigeria Plc – Jan. 16, 2006

Century Merchant Bank Ltd. – Jan. 16, 1998

City Express Bank Plc – Jan. 16, 2006

Commerce Bank Plc – Jan. 16, 1998

Commercial Trust Bank Ltd – Jan. 16, 1998

Continental Merchant Bank Plc – Jan. 16, 1998

Coop. & Commerce Bank Plc – Jan. 16, 1998

Credite Bank Nig. Ltd – Jan. 16, 1998

Crown Merchant Bank Ltd. – Jan. 16, 1998

Financial Merchant Bank Ltd. – Jan. 21, 1994

Great Merchant Bank Ltd. – Jan. 16, 1998

Group Merchant Bank Ltd. – Jan. 16, 1998

Gulf Bank Ltd – Jan. 16, 2006

Hallmark Bank Plc – Jan. 16, 2006

Highland Bank of Nig Plc – Jan. 16, 1998

ICON Ltd. (Merchant Bankers) – Jan. 16, 1998

Ivory Merchant Bank Ltd. – Dec. 22, 2000

Kapital Merchant Bank Ltd. – Jan. 21, 1994

Lead Bank Plc – Jan. 16, 2006

Lobi Bank of Nig. Ltd. – Jan. 16, 1998

Mercantile Bank of Nig. Plc. – Jan. 16, 1998

Merchant Bank of Africa Ltd. – Jan. 16, 1998

Metropolitan Bank Ltd. – Jan. 16, 2006

Nigeria Merchant Bank Ltd. – Jan. 16, 1998

North-South Bank Nig. Plc. – Jan. 16, 1998

Pan African Bank Ltd. – Jan. 16, 1998

Pinacle Commercial Bank Ltd. – Jan. 16, 1998

Premier Commercial Bank Ltd – Dec. 22, 2000

Prime Merchant Bank Ltd. – Jan. 16, 1998

Progress Bank Ltd. – Jan. 16, 1998

Republic Bank Ltd – June 29, 1995

Rims Merchant Bank Ltd. – Dec. 22, 2000

Royal Merchant Bank Ltd. – Jan. 16, 1998

Trade Bank Plc – Jan. 16, 2006

United Commercial Bank Ltd. – Sept. 8, 1994

Victory Merchant Bank Ltd. – Jan. 16, 1998

Eagle Bank Plc- Jan. 16, 2006

Liberty Bank Plc.- Jan. 16, 2006