The Nigeria Deposit Insurance Corporation (NDIC) has commenced the distribution of liquidation dividends to depositors, creditors, and shareholders of Pearl Microfinance Bank, which is currently under liquidation.
The initiative is intended to mitigate financial losses for verified stakeholders affected by the bank’s closure.
Eligible individuals seeking to claim their dividends must provide specific documentation, including a recent passport photograph, evidence of deposit or shareholding such as a passbook or term deposit certificate, and valid identification, such as a national ID card or driver’s licence.
As an alternative to submitting documents in person, claimants can complete the process electronically through the NDIC claims portal.
In addition, NDIC has urged affected individuals to visit the nearest NDIC office between 26 May and 4 July 2025 to facilitate the processing of their claims.
This move is seen as a step towards restoring public trust in Nigeria’s financial system, while also supporting efforts around depositor compensation and financial system stability.
In May 2024, NDIC, acting in its capacity as liquidator of failed microfinance banks, invited the public to participate in the sale of assets belonging to these defunct institutions. The assets offered included furniture, fittings, equipment, generators, and vehicles, available through competitive bidding and sealed auction processes.
Pearl Microfinance Bank was one of 18 banks listed for asset liquidation after the Central Bank of Nigeria (CBN) revoked its operating licence in May 2023, along with 131 other financial institutions.
The revocation was formally published in an official gazette and based on breaches of regulatory obligations under the Banks and Other Financial Institutions Act (BOFIA) 2020, Act No. 5.
According to the CBN, the affected institutions had ceased operations for six consecutive months, violated the terms of their licensing conditions, and failed to meet regulatory obligations required under BOFIA.
The NDIC’s payout of liquidation dividends is expected to offer some financial reprieve to affected stakeholders while ensuring a structured resolution of the failed financial institutions.