By Elizabeth Adegbesan
The Central Bank of Nigeria, CBN, said 6,422 insured depositors of 651 financial institutions were paid N3.31 billion in the first half of 2025 (H1’25).
CBN disclosed this in its latest Financial Stability Report noting that the 651 financial institutions in liquidation comprises 50 Commercial Banks (CMBs), 546 Microfinance Banks (MFBs) and 55 Primary Mortgage Banks (PMBs).
CBN said: “The sums of N2.94 billion and N0.03 billion were paid to 6,127 and 285 depositors of closed CMBs and MFBs, compared with N39.54 billion and N0.01 billion paid to 565,490 and 158 depositors at end-December 2024.
“Cumulatively, the sums of N60.97 billion and N5.17 billion had been paid to 1,152,146 and 135,943 insured depositors of 50 CMBs and 546 MFBs in-liquidation.
“Additionally,10 insured depositors of PMBs in-liquidation were paid N3.44 million compared with N1.97 million paid to six insured depositors in the second half of 2024.
“Cumulatively, the sum of N368.08 million had been paid to 2,703 depositors of 55 closed PMBs.”
However, N3.32 billion was paid to uninsured depositors of 50 CMBs and 546 MFBs.
“The sums of N31.16 billion and N1.64 million were paid to uninsured depositors of 50 CMBs and 546 MFBs in-liquidation, respectively.
“Cumulative payment to uninsured depositors of CMBs and MFBs stood at N137.12 billion and N248.90 million, respectively, at end-June 2025.
“There was no payment to uninsured depositors of PMBs in-liquidation in the first half of 2025 and second half of 2024, thus, cumulative payments remained N261.99 million.”
The Bank defined uninsured deposits as deposits in excess of maximum deposit insurance coverage.
CBN noted that the liquidation process aims to ensure the payment of a guaranteed sum, recovery of debts owed to closed banks, sales of physical assets, and payment of liquidation dividends to claimants, with priority to the uninsured sums whose deposit balances are more than the maximum guaranteed balance of N5 million or N2 million as applicable, under the Corporation’s deposit insurance.
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