Over the past 28 years, no fewer than 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.
Below is the list of 45 failed banks and the year of closure
1. Abacus Merchant Bank Ltd – Jan. 16, 1998
2. ABC Merchant Bank Ltd – Jan. 16, 1998
3. African Express Bank Ltd – Jan. 16, 2006
4. Allied Bank of Nigeria Plc – Jan. 16, 1998
5. Allstates Trust Bank Plc – Jan. 16, 1998
6. Alpha Merchant Bank Plc – Sept. 08, 1994
7. Amicable Bank of Nigeria Plc – Jan. 16, 1998
8. Assurance Bank of Nigeria Plc – Jan. 16, 2006
9. Century Merchant Bank Ltd. – Jan. 16, 1998
10. City Express Bank Plc – Jan. 16, 2006
11. Commerce Bank Plc – Jan. 16, 1998
12. Commercial Trust Bank Ltd – Jan. 16, 1998
13. Continental Merchant Bank Plc – Jan. 16, 1998
14. Coop. & Commerce Bank Plc – Jan. 16, 1998
15. Credite Bank Nig. Ltd – Jan. 16, 1998
16. Crown Merchant Bank Ltd. – Jan. 16, 1998
17. Financial Merchant Bank Ltd. – Jan. 21, 1994
18. Great Merchant Bank Ltd. – Jan. 16, 1998
19. Group Merchant Bank Ltd. – Jan. 16, 1998
20. Gulf Bank Ltd – Jan. 16, 2006
21. Hallmark Bank Plc – Jan. 16, 2006
22. Highland Bank of Nig Plc – Jan. 16, 1998
23. ICON Ltd. (Merchant Bankers) – Jan. 16, 1998
24. Ivory Merchant Bank Ltd. – Dec. 22, 2000
25. Kapital Merchant Bank Ltd. – Jan. 21, 1994
26. Lead Bank Plc – Jan. 16, 2006
27. Lobi Bank of Nig. Ltd. – Jan. 16, 1998
28. Mercantile Bank of Nig. Plc. – Jan. 16, 1998
29. Merchant Bank of Africa Ltd. – Jan. 16, 1998
30. Metropolitan Bank Ltd. – Jan. 16, 2006
31. Nigeria Merchant Bank Ltd. – Jan. 16, 1998
32. North-South Bank Nig. Plc. – Jan. 16, 1998
33. Pan African Bank Ltd. – Jan. 16, 1998
34. Pinacle Commercial Bank Ltd. – Jan. 16, 1998
35. Premier Commercial Bank Ltd – Dec. 22, 2000
36. Prime Merchant Bank Ltd. – Jan. 16, 1998
37. Progress Bank Ltd. – Jan. 16, 1998
38. Republic Bank Ltd – June 29, 1995
39. Rims Merchant Bank Ltd. – Dec. 22, 2000
40. Royal Merchant Bank Ltd. – Jan. 16, 199
41. Trade Bank Plc – Jan. 16, 2006
42. United Commercial Bank Ltd. – Sept. 8, 1994
43. Victory Merchant Bank Ltd. – Jan. 16, 1998
44. Eagle Bank Plc- Jan. 16, 2006
45. Liberty Bank Plc.- Jan. 16, 2006
Two were taken over by UBA and Ecobank. Checks 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.
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