NDIC Begins Liquidation Payments to Pearl Microfinance Bank Stakeholders

The Nigeria Deposit Insurance Corporation (NDIC) has started disbursing liquidation dividends to shareholders, depositors, and creditors of the defunct Pearl Microfinance Bank. This marks a significant step in the resolution process following the bank’s shutdown.

Eligible stakeholders can process their claims by visiting any NDIC office from May 26 to July 4, 2025. For those unable to appear in person, the NDIC has provided an alternative: claimants can download the required forms from the Corporation’s website and submit them via email to claimcomplaints@ndic.gov.ng.

This dual-process approach aims to simplify access and ensure the timely and secure processing of payments. In its announcement on social media, the NDIC emphasized that each claim will go through a verification process to confirm the identity and eligibility of recipients before any payout is made.

The Corporation’s initiative underscores its ongoing commitment to protect stakeholders’ interests and strengthen public confidence in Nigeria’s financial sector. The payment of liquidation dividends is part of broader efforts to address outstanding obligations tied to the bank’s closure.

Stakeholders are encouraged to take advantage of this opportunity and complete their claims before the deadline.

Background Context:
Pearl Microfinance Bank was one of 132 financial institutions whose licenses were revoked by the Central Bank of Nigeria (CBN) in May 2023. It was among 18 banks listed for asset liquidation.

In a related update, the NDIC recently disclosed that depositors with balances of N5 million or more in the now-liquidated Heritage Bank would only receive partial refunds. Speaking on behalf of affected clients, Ibrahim Elisha criticized the NDIC’s pro-rata payment model, describing it as inadequate and damaging to public trust in the financial system.

He added that the agency’s latest press release—perceived to be in response to mounting public pressure—reveals the financial constraints preventing full reimbursement, even after the liquidation of Heritage Bank’s assets.