UBA, Ecobank Buys 2: List of 46 Failed Nigerian Banks and Dates of Closure
- 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
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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.
Access Bank and other banks have received 6.9 million customer complaints demanding a refund of N214.32 billion
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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
- Abacus Merchant Bank Ltd - Jan. 16, 1998
- ABC Merchant Bank Ltd - Jan. 16, 1998
- African Express Bank Ltd - Jan. 16, 2006
- Allied Bank of Nigeria Plc - Jan. 16, 1998
- Allstates Trust Bank Plc - Jan. 16, 1998
- Alpha Merchant Bank Plc - Sept. 08, 1994
- Amicable Bank of Nigeria Plc - Jan. 16, 1998
- Assurance Bank of Nigeria Plc - Jan. 16, 2006
- Century Merchant Bank Ltd. - Jan. 16, 1998
- City Express Bank Plc - Jan. 16, 2006
- Commerce Bank Plc - Jan. 16, 1998
- Commercial Trust Bank Ltd - Jan. 16, 1998
- Continental Merchant Bank Plc - Jan. 16, 1998
- Coop. & Commerce Bank Plc - Jan. 16, 1998
- Credite Bank Nig. Ltd - Jan. 16, 1998
- Crown Merchant Bank Ltd. - Jan. 16, 1998
- Financial Merchant Bank Ltd. - Jan. 21, 1994
- Great Merchant Bank Ltd. - Jan. 16, 1998
- Group Merchant Bank Ltd. - Jan. 16, 1998
- Gulf Bank Ltd - Jan. 16, 2006
- Hallmark Bank Plc - Jan. 16, 2006
- Highland Bank of Nig Plc - Jan. 16, 1998
- ICON Ltd. (Merchant Bankers) - Jan. 16, 1998
- Ivory Merchant Bank Ltd. - Dec. 22, 2000
- Kapital Merchant Bank Ltd. - Jan. 21, 1994
- Lead Bank Plc - Jan. 16, 2006
- Lobi Bank of Nig. Ltd. - Jan. 16, 1998
- Mercantile Bank of Nig. Plc. - Jan. 16, 1998
- Merchant Bank of Africa Ltd. - Jan. 16, 1998
- Metropolitan Bank Ltd. - Jan. 16, 2006
- Nigeria Merchant Bank Ltd. - Jan. 16, 1998
- North-South Bank Nig. Plc. - Jan. 16, 1998
- Pan African Bank Ltd. - Jan. 16, 1998
- Pinacle Commercial Bank Ltd. - Jan. 16, 1998
- Premier Commercial Bank Ltd - Dec. 22, 2000
- Prime Merchant Bank Ltd. - Jan. 16, 1998
- Progress Bank Ltd. - Jan. 16, 1998
- Republic Bank Ltd - June 29, 1995
- Rims Merchant Bank Ltd. - Dec. 22, 2000
- Royal Merchant Bank Ltd. - Jan. 16, 1998
- Trade Bank Plc - Jan. 16, 2006
- United Commercial Bank Ltd. - Sept. 8, 1994
- Victory Merchant Bank Ltd. - Jan. 16, 1998
- Eagle Bank Plc- Jan. 16, 2006
- 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.
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