- In the last 28 years, approximately 46 commercial and Merchant banks have closed down for various reasons
- The Banks had their licenses revoked by the Central Bank of Nigeria, between 1994 and 2006
- United Bank of Africa and Ecobank took control of the two commercial banks that failed
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.
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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
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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.
CBN to close millions of bank accounts in Access, UBA, Zenith, and others
In another report, Legit.ng revealed that CBN is planning to close bank accounts without BVN to clean up the sector and reduce fraud.
BVN is a unique identifier capturing biometric data used to verify customer identities and prevent fraud.
There are 24 commercial banks operating in Nigeria, including Access, UBA, Zenith, and other financial institutions that require BVN.
Source: Legit.ng
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