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The Nigeria Deposit Insurance Corporation has begun paying liquidation dividends to stakeholders of the now-defunct Pearl Microfinance BankStakeholders can claim their dividends by visiting the nearest NDIC office between May 26 and July 4, 2025, or by submitting claims online via the NDIC websiteThis initiative aims to ensure secure and efficient payments, while also restoring trust in the financial system Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The payment of liquidation dividends to Pearl Microfinance Bank (MFB) stakeholders has begun by the Nigeria Deposit Insurance Corporation (NDIC).
Joy as the Nigeria Deposit Insurance Corporation (NDIC) begins payment of liquidation dividends to stakeholders of the now-defunct Pearl Microfinance Bank. Photo Credit: Contributor
Source: UGCAs a result, shareholders, creditors, and depositors of the now-defunct Pearl MFB can start reclaiming their legitimate stake.
The NDIC announced this on its official X handle, describing the move as a step toward settling outstanding debts and providing financial relief to customers affected by the bank’s collapse.
According to the NDIC, all interested parties are required to visit the nearest NDIC office between May 26 and July 4, 2025, to expedite the claims process.
The Corporation stated that, during this period, it will verify claims to ensure that payments are made securely and accurately.
The NDIC emphasised that this verification exercise is essential for confirming identities, validating claims, and ensuring that all eligible parties receive their rightful compensation
NDIC speaks on alternativeThe NDIC also announced an alternative for individuals who may find it difficult to visit its offices in person.
According to the Corporation, stakeholders can download and complete the claims form available on the claims page of the NDIC website, and then submit it via email to [email protected].
The NDIC stated that this online option is designed to enhance accessibility by providing a convenient way for stakeholders to file their claims without the need for physical travel.
The Nigeria Deposit Insurance Corporation (NDIC) issues guidelines as it begins payment of liquidation dividends to stakeholders of the now-defunct Pearl Microfinance Bank. Photo Credit: Contributor
Source: Getty ImagesThe settlement of the Pearl Microfinance Bank liquidation has improved as a result of the NDIC’s initiative.
It shows how dedicated regulatory bodies are to safeguarding the interests of shareholders, creditors, and depositors while reviving trust in the financial system.
In order to claim their dividends within the allotted time, stakeholders are urged to act quickly and seize this opportunity.
What happened to Pearl Microfinance Bank? In May 2023, the Central Bank of Nigeria (CBN) revoked the licenses of 132 financial institutions, including Pearl Microfinance Bank.
The bank was subsequently listed among 18 others slated for asset liquidation.
NDIC’s intervention to settle failed bank customersThe Nigeria Deposit Insurance Corporation (NDIC) has demonstrated a proactive and transparent approach in settling customers of failed banks, notably Heritage Bank.
Following the Central Bank of Nigeria’s revocation of Heritage Bank’s license on June 3, 2024, the NDIC was appointed as the liquidator.
In line with its mandate, the NDIC swiftly initiated the verification and payment process for insured depositors, ensuring that those with balances up to the insured limit of N5 million were reimbursed within four days using Bank Verification Numbers (BVN) to link to alternate accounts in other banks.
For depositors with balances exceeding the insured limit, the NDIC commenced the payment of the first tranche of liquidation dividends in April 2025, totalling N46.6 billion. These payments were made on a pro-rata basis, reflecting the corporation’s commitment to equitable settlement.
Despite these efforts, some depositors have expressed concerns over delays in receiving their funds, particularly those without BVN-linked accounts or facing account restrictions.
The NDIC has acknowledged these issues and is actively working to resolve them, including contacting affected individuals and facilitating alternative verification processes.
In summary, the NDIC’s interventions in the liquidation of Heritage Bank underscore its dedication to safeguarding depositors’ interests.
While challenges remain, the corporation’s ongoing efforts to address them reflect a commitment to restoring public confidence in Nigeria’s banking system.
NDIC speaks on partial reimbursement Legit.ng earlier reported that the NDIC recently announced that depositors who had N5 million or more in funds at the now-defunct Heritage Bank would only receive a partial reimbursement.
Ibrahim Elisha criticised the NDIC’s pro-rata reimbursement plan over the weekend on behalf of the impacted depositors, claiming it is woefully insufficient and reflects serious funding shortages that jeopardise public trust in the nation’s banking sector.
The organisation claims that a recent press release, which the depositors say was prepared in response to media pressure, has revealed NDIC’s inability to completely reimburse depositors, even after the liquidation of Heritage Bank’s assets.
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Source: Legit.ng
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