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List of 46 failed Nigerian banks and dates of closure

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Over the past 28 years, at least 45 commercial and merchant banks have ceased operations.

Data obtained revealed that the banks had their licenses revoked by the Central Bank of Nigeria, between 1994 and 2006.

In 2018, Skye Bank had its operating license revoked by the CBN, and Polaris Bank was authorized to take over.

The Federal High Court ordered the winding up of the banks and appointed the Nigeria Deposit Insurance Corporation (NDIC) as their liquidator.

Legit.ng recently reported that customers of 20 of the failed banks were asked to come for their money.

Below is the list of 45 failed banks and the year of closure
1. Abacus Merchant Bank Ltd – Jan. 16, 1998

2. ABC Merchant Bank Ltd – Jan. 16, 1998

3. African Express Bank Ltd – Jan. 16, 2006

4. Allied Bank of Nigeria Plc – Jan. 16, 1998

5. Allstates Trust Bank Plc – Jan. 16, 1998

6. Alpha Merchant Bank Plc – Sept. 08, 1994

7. Amicable Bank of Nigeria Plc – Jan. 16, 1998

8. Assurance Bank of Nigeria Plc – Jan. 16, 2006

9. Century Merchant Bank Ltd. – Jan. 16, 1998

10. City Express Bank Plc – Jan. 16, 2006

11. Commerce Bank Plc – Jan. 16, 1998

12. Commercial Trust Bank Ltd – Jan. 16, 1998

13. Continental Merchant Bank Plc – Jan. 16, 1998

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

15. Credite Bank Nig. Ltd – Jan. 16, 1998

16. Crown Merchant Bank Ltd. – Jan. 16, 1998

17. Financial Merchant Bank Ltd. – Jan. 21, 1994

18. Great Merchant Bank Ltd. – Jan. 16, 1998

19. Group Merchant Bank Ltd. – Jan. 16, 1998

20. Gulf Bank Ltd – Jan. 16, 2006

21. Hallmark Bank Plc – Jan. 16, 2006

22. Highland Bank of Nig Plc – Jan. 16, 1998

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

24. Ivory Merchant Bank Ltd. – Dec. 22, 2000

25. Kapital Merchant Bank Ltd. – Jan. 21, 1994

26. Lead Bank Plc – Jan. 16, 2006

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

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

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

30. Metropolitan Bank Ltd. – Jan. 16, 2006

31. Nigeria Merchant Bank Ltd. – Jan. 16, 1998

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

33. Pan African Bank Ltd. – Jan. 16, 1998

34. Pinacle Commercial Bank Ltd. – Jan. 16, 1998

35. Premier Commercial Bank Ltd – Dec. 22, 2000

36. Prime Merchant Bank Ltd. – Jan. 16, 1998

37. Progress Bank Ltd. – Jan. 16, 1998

38. Republic Bank Ltd – June 29, 1995

39. Rims Merchant Bank Ltd. – Dec. 22, 2000

40. Royal Merchant Bank Ltd. – Jan. 16, 199

41. Trade Bank Plc – Jan. 16, 2006

42. United Commercial Bank Ltd. – Sept. 8, 1994

43. Victory Merchant Bank Ltd. – Jan. 16, 1998

44. Eagle Bank Plc- Jan. 16, 2006

45. Liberty Bank Plc.- Jan. 16, 2006

Two were taken over by UBA and Ecobank Checks by Legit.ng showed that Ecobank took over All States Trust Bank.

The acquisition included 65 branches previously owned by All States Trust Bank, as well as over 32,000 depositors who became part of Ecobank’s customer base.

Also, UBA Plc emerged as the successful bidder for Trade Bank Ltd.

 

Source: www.legit.ng

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