By George Ozalla
The Nigeria Deposit Insurance Corporation (NDIC) has announced plans to pay final liquidation dividends to depositors, creditors and shareholders of the defunct Progress Bank of Nigeria, following fresh recoveries from the bank’s outstanding debts and assets.
In a notice published on October 19, 2026, the Corporation invited eligible beneficiaries to submit their claims ahead of the final distribution. The announcement offers another opportunity for people and organisations with outstanding entitlements from the defunct bank to receive payments from funds recovered during the liquidation process.
The NDIC, which serves as the official liquidator of Progress Bank, said the planned payment followed what it described as impressive recoveries. However, the notice did not state the total amount available for distribution or the sum each category of beneficiary should expect to receive.
Eligible claimants have been directed to visit the Corporation’s website, www.ndic.gov.ng, and click on the claims link to submit their applications. They may also visit any of the designated NDIC offices listed in the notice.
The offices include the NDIC’s Lagos office at 23A Marina, Lagos Island; its head office at Plot 447/448, Constitution Avenue, Central Business District, Garki, Abuja; and zonal or other offices in Enugu, Benin City, Kano, Ilorin, Bauchi, Sokoto, Yola, Port Harcourt, Owerri and Abeokuta.
The Corporation fixed a deadline of one month from the date of publication for the submission of claims. Completed claim forms may also be sent as email attachments to claimscomplaints@ndic.gov.ng.
The notice is relevant to former customers whose deposits exceeded the insured amount previously reimbursed by the NDIC, as well as creditors and shareholders with outstanding claims against the bank. Their payments will depend on the verified claims and the funds available for distribution under the liquidation process.
Progress Bank is among several Nigerian banks whose operating licences were revoked in earlier years and whose assets have since been under liquidation by the NDIC. The Corporation has been recovering debts owed to the defunct institutions and realising their assets to pay eligible stakeholders.
In October 2023, the NDIC announced an additional liquidation dividend of more than ₦16 billion for depositors, creditors and shareholders of 20 defunct banks, including Progress Bank. The announcement followed earlier payments totalling ₦45.45 billion to stakeholders of the 20 institutions as of July that year.
The 2023 exercise covered Progress Bank alongside Liberty Bank, City Express Bank, Assurance Bank, Century Bank, Allied Bank, Financial Merchant Bank, Icon Merchant Bank, Merchant Bank of Africa, Premier Commercial Bank, North South Bank, Prime Merchant Bank and other failed institutions.
At the time, the NDIC explained that the additional payments followed recoveries from debtors and the realisation of assets belonging to the banks. Stakeholders were asked to complete the verification process through the Corporation’s offices or its website.
The latest notice concerning Progress Bank marks a further stage in the settlement of claims against the institution. The NDIC has not disclosed how much the latest recoveries yielded or the total amount to be shared among beneficiaries.
Separately, the Corporation disclosed on October 8, 2026, that cumulative payments to insured depositors of failed financial institutions had reached ₦69.65 billion. The figure was presented by the NDIC’s Director of Strategy Development, Mrs Gwa Uduak, during the opening of the Corporation’s 2026 Customer Service Week in Abuja.
The presentation also put cumulative payments to uninsured depositors at ₦57.63 billion. While insured deposits are reimbursed under the deposit insurance scheme, payments to uninsured depositors and other claimants depend on recoveries from debtors and the realisation of assets belonging to failed institutions.
Eligible depositors, creditors and shareholders of the defunct Progress Bank have until November 19, 2026, to submit their claims, based on the one-month deadline announced by the NDIC on October 19.
