Emefiele's Record The Best: Full list of 53 Failed Nigerian Banks Under 5 Different CBN Governors' Surfaces

• Godwin Emefiele is set to leave office as the CBN governor after nine years at the helm of affairs
• Despite the controversies that have surrounded his tenure, Emefiele leaves with a record his predecessors didn't match
• Since 1994, the CBN has revoked the licenses of 53 Deposit Money Banks (DMBs); only one occurred during Emefiele's tenure

The Nigeria Deposit Insurance Corporation (NDIC) has recently updated its list of deposit money banks that have failed over the past 28 years.

According to the NDIC, the banks were closed following the revocation of their operating licenses by the Central Bank of Nigeria (CBN) between 1994 and 2018.

Notably, five of these banks experienced closures starting in 2010, and they include African International Bank, Bank PHB, Spring Bank, Afri Bank, and Skye Bank.

CBN governors and failed banks

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Under the leadership of Godwin Emefiele, who became the governor of the CBN in 2014, the only bank that has been liquidated is Skye Bank.

This is a notable improvement compared to his predecessors, including Charles Soludo and Sanusi Lamido Sanusi.

Paul Ogwuma served as the CBN governor from October 1, 1993, to May 29, 1999.

According to data from the Nigeria Deposit Insurance Corporation (NDIC), 31 banks failed between 1994 and 1998 during his tenure.

Ogwuma was succeeded by Oladele Sanusi, who served as the CBN governor from May 29, 1999, to May 29, 2004.

During Sanusi's tenure, three banks experienced failure, all of which occurred in 2000.

Chukwuma Soludo succeeded Sanusi and served as the CBN governor from May 29, 2004, to May 29, 2009. A total of 13 banks faced liquidation during his tenure.

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Subsequently, Sanusi Lamido Sanusi assumed the position of CBN governor from June 3, 2009, to February 20, 2014.

During his term, four banks failed, continuing the trend of bank failures during his predecessors' tenures.

Sarah Alade, CBN governor from February 20, 2014, to June 3, 2014, wasn't considered in the analysis due to the short duration of her tenure.

Full list of failed banks since 1994

1. Kapital Merchant Bank - 21 January 1994
2. Financial Merchant Bank - 21 January 1994
3. Alpha Merchant Bank - 8 September 1994
4. United Commercial Bank - 8 September 1994
5. Republic Bank - 29 June 1995
6. Ivory Merchant Bank - 20 December 2000
7. Premier Commercial Bank - 20 December 2000
8. Rims Merchant Bank - 20 December 2000
9. Mercantile Bank of Nig. - 16 January 1998
10. Merchant Bank of Africa - 16 January 1998
11. Nigeria Merchant Bank - 16 January 1998
12. North South Bank - 16 January 1998
13. Pan African Bank - 16 January 1998
14. Pinnacle Commercial Bank - 16 January 1998
15. Prime Merchant Bank - 16 January 1998
16. Progress Bank of Nig. - 16 January 1998
17. Royal Merchant Bank - 16 January 1998
18. Victory Merchant Bank - 16 January 1998
19. Abacus Merchant Bank - 16 January 1998
20. ABC Merchant Bank - 16 January 1998
21. Allied Bank of Nigeria - 16 January 1998
22. Amicable Bank of Nig. - 16 January 1998
23. Century Merchant Bank - 16 January 1998
24. Commerce Bank - 16 January 1998
25. Commercial Trust Bank - 16 January 1998
26. Continental Merchant Bank - 16 January 1998
27. Coop & Commerce Bank - 16 January 1998
28. Credite Bank Nigeria - 16 January 1998
29. Crown Merchant Bank - 16 January 1998
30. Great Merchant Bank - 16 January 1998
31. Group Merchant Bank - 16 January 1998
32. Highland Bank of Nig. - 16 January 1998
33. Icon Merchant Bankers - 16 January 1998
34. Lobi Bank of Nigeria - 16 January 1998
35. Peak Merchant Bank - 28 February 2003 (Under Litigation)
36. African Express Bank - 16 January 2006
37. Allstates Trust Bank - 16 January 2006
38. Assurance Bank - 16 January 2006
39. City Express Bank - 16 January 2006
40. Eagle Bank Limited - 16 January 2006
41. Fortune International Bank - 16 January 2006
42. Gulf Bank - 16 January 2006
43. Hallmark Bank - 16 January 2006
44. Lead Bank - 16 January 2006
45. Liberty Bank - 16 January 2006
46. Metropolitan Bank - 16 January 2006
47. Trade Bank - 16 January 2006
48. African International Bank - 1 August 2013
49. Bank PHB - 5 August 2011
50. Spring Bank - 5 August 2011
51. Afri Bank - 5 August 2011
52. Triumph Bank - 16 January 2006 (Under Litigation)
53. Skye Bank - 21 September 2018

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In another report, Legit.ng revealed that CBN plans 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 currently operating in Nigeria, including Access, UBA, and Zenith.

Source: Legit.ng