By Ifeanyi Onuba, Abuja

Friday, 29 Oct 2010

The Nigeria Deposit Insurance Corporation will from Friday (today) begin payment of liquidation dividends to depositors of Commerce Bank Limited.

The development was confirmed in Abuja by the Head, Communication and Public Affairs Unit of the NDIC, Alhaji Hadi Birchi.

It was learnt that the corporation in its capacity as the liquidator of the failed bank, which was liquidated by the corporation on January 16, 1998 had completed arrangements to pay a liquidation dividend of 15 kobo per naira to the depositors of the closed bank.

The dividend, it was gathered, would be paid from the funds realised from the assets of the closed bank with effect from today.

Birchi said, “NDIC in its capacity as the Liquidator of the closed Commerce Bank Limited has completed arrangements to pay the 5th liquidation dividend to depositors of closed Commerce Bank.

“The corporation is declaring liquidation dividend of 15 kobo per naira to the depositors of the closed bank from the funds realised from the assets of the closed bank with effect from October 29, 2010.

He said that depositors who did not present their Liquidator’s Certificate, cheque books, savings passbooks, term deposit certificates, statements of accounts and other documents as proof of account ownership, would not benefit from the dividend.

The move is coming barely few weeks after the corporation said that depositors, whose banks were liquidated during the consolidation exercise of 2005, were yet to claim their deposits.

The unclaimed deposits as at last month stood at N1.9bn.

To this end, it had said that all depositors who were yet to file their claims should do so, as the payment of claims was still in progress.

Source:Punch